APPENDIX Country-by-Country...

Financial Infrastructure Policy and Research Series Financial and Private Sector Development Vice Presidency

The World Bank Group

PAYMENT SYSTEMS WORLDWIDE A SNAPSHOT

Outcomes of the Global Payment Systems Survey 2008

APPENDIX

Country-by-Country Answers

PAYMENT SYSTEMS DEVELOPMENT GROUP

45235 vol. 2

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OUTCOMES OF THE 2008 GLOBAL SURVEY ON PAYMENT AND SECURITIES SETTLEMENT SYSTEMS - APPENDIX

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Payment Systems Policy and Research Series

Financial and Private Sector Development Vice Presidency The World Bank Group

TABLE OF CONTENTS

LEGAL FRAMEWORK.................................................................................................. 1

Table I.1 Pieces of legislation with direct/explicit references to payment systems...........1 Table I.2 Do legal provisions cover the following specific issues?...................................5 Table I.3 Scope of application of the legal provisions in question I.2...............................9 Table I.4 Do legal provisions cover the following specific issues related to securities settlement? .......................................................................................................................12 Table I.5 Central Bank’s payment systems oversight power...........................................16 Table I.6 Additional comments to answers for question I.5 ............................................20 Table I.7 Is a specific license required for non bank payment services providers to provide payment services? ...............................................................................................23

LARGE VALUE PAYMENT SYSTEMS..................................................................... 28

Table II.1 Main system(s) used for large-value funds transfers.......................................28 Table II.2 RTGS Operator, Settlement Agent, and the year in which system began operations on a full scale..................................................................................................32 Table II.3/a Statistics for RTGS Systems ........................................................................35 Table II.3/b Statistics for RTGS systems that settle in foreign currency.........................38 Table II.4 Primary means through which payment orders are sent to the RTGS ............39 Table II.5 Pricing and charges .........................................................................................42 Table II.5 Pricing and charges (continued) ....................................................................45 Table II.6 In case of a positive answer to any of the items e), f), or g) in question II.5, please indicate how many years were considered for recovery of investment costs/profit making:.............................................................................................................................48 Table II.7 Sources of liquidity in RTGS system..............................................................51 Table II.8 Operator’s Management of its Credit Risk Exposure in the System...............55 Table II.9 Non-repayment of Intraday Liquidity at the end of Operational Day.............58 Table II.10 If a participant does not have enough balance (and/or credit) in its current account with the RTGS operator to process new payments, what mechanism becomes applicable .........................................................................................................................62 Table II.11 Queuing arrangements and prioritization ......................................................65 Table II.11 Queuing arrangements and prioritization (continued).................................68 Table II.12 Is the pricing policy used to incentivate the smooth flow of payments through the system during the day, to promote participants sending their payment orders early in the operational day? ............................................................................................71 Table II.13 Resilience and Business Continuity Practices...............................................74 Table II.14 If applicable, what is the targeted performance level for full system recovery? ..........................................................................................................................77


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Table II.15 RTGS access rules and policies.....................................................................80 Table II.16 RTGS participants .........................................................................................84 Table II.17 Is there a specific RTGS Users’ Group in place for the RTGS operator to better address participants’ needs?...................................................................................87

RETAIL PAYMENT SYSTEMS .................................................................................. 90

Table III.1/a Number of ATMs and POS.........................................................................90 Table III.1/b Number of Debit and Credit Cards .............................................................95 Table III.1/c Number of transactions with various Retail Payment Instruments for year 2006................................................................................................................................101 Table III.1/d Number of transactions with various Retail Payment Instruments for 2004 and 2002.........................................................................................................................105 Table III.1/e Value of transactions with various retail payment instruments for year 2006 (in US$)..........................................................................................................................110 Table III.1/f Value of transactions with various retail payment instruments for year 2004 (in US$)..........................................................................................................................115 Table III.1/g Value of transactions with various retail payment instruments for year 2002 (in US$)..........................................................................................................................119 Table III.2 Cheque clearinghouse main features............................................................124 Table III.2 (continued) Cheque clearinghouse main features .......................................128 Table III.3 If a special procedure for large-value cheques has been implemented, please answer the following......................................................................................................131 Table III.4 Cheque clearinghouse risk controls .............................................................134 Table III.5 ACH for direct credits and/or direct debits main features ...........................138 Table III.6 ACH risk controls ........................................................................................142 Table III.7 Payment card systems main features ...........................................................146 Table III.8 Payment card systems: ATMs and POS (see questionnaire for explanation of rankings) ....................................................................................................................150 Table III.9 Comments and clarifications in relation to question III.8............................153 Table III.10 Accessibility of non-cash payment instruments and services for individuals through: (see questionnaire for explanation of rankings) ............................................155 Table III.11 Comments or clarifications in relation to question III.10 ..........................158

FOREIGN EXCHANGE SETTLEMENT SYSTEMS.............................................. 159

Table IV.1 General Issues ..............................................................................................159 Table IV.2 Statistics for the main foreign currency traded in the interbank/wholesale market.............................................................................................................................163 Table IV.3 If an organized foreign currency market exists in the country, please answer the questions below........................................................................................................165 Table IV.4 OTC markets................................................................................................169

CROSS-BORDER PAYMENTS AND REMITTANCES ......................................... 173

Table V.1 Rank the most relevant institution in the area of remittances in your country (see the questionnaire for details on ranking) ................................................................173 Table V.2 Rank the most relevant institution in the area of remittances in your country (see the questionnaire for details on ranking) ................................................................176


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Table V.3 Regulation of RSPs .......................................................................................179 Table V.4 Use of the International SWIFT network......................................................183

SECURITIES SETTLEMENT SYSTEMS ................................................................ 186

Table VI.1 General issues ..............................................................................................186 Table VI.2 Central Bank-operated securities registry or CSD – General Issues ...........190 Table VI.3 Central Bank-operated CSD – Participation and Custody Arrangements ...194 Table VI.4 Central Bank-operated CSD - Resilience and Business Continuity ............198 Table VI.5 CSD and SSS operated by the Stock Exchange or other private sector entity General Features ............................................................................................................201 Table VI.5 CSD and SSS operated by the Stock Exchange or other private sector entity (continued) .....................................................................................................................205 Table VI.6 CSD and SSS operated by the Stock Exchange or other private sector entity Participation and Custody Arrangements ......................................................................209 Table VI.7 CSD and SSS operated by the Stock Exchange or other private sector entity Resilience and Business Continuity ...............................................................................213 Table VI.8 Regulatory and Oversight ............................................................................217

PAYMENT SYSTEM OVERSIGHT AND COOPERATION................................. 221

Table VII.1 General issues.............................................................................................221 Table VII.2 Objectives of Payment System Oversight ..................................................224 Table VII.3 Scope of Payment System Oversight .........................................................227 Table VII.4 Instruments of Payment System Oversight (see questionannire for explanation on rankings) ................................................................................................231 Table VII.5 Cooperation with other relevant Authorities ..............................................234 Table VII.6 Cooperation with other stakeholders ..........................................................237

PLANNED AND ON-GOING REFORMS TO THE NATIONAL PAYMENTS SYSTEM ........................................................................................................................ 241

Table VIII.1 What elements of the national payments system are being reformed? .....241 Table VIII.2 What elements triggered the planned or on-going reform? ......................245 Table VIII.3 Approach followed in the latest reform effort...........................................249 Table VIII.4.1 Current status of the reform process - Legal Framework ......................252 Table VIII.4.2.1 Current status of the reform process – RTGS system.........................255 Table VIII.4.2.2 Current status of the reform process – Other Large-Value System ....258 Table VIII.4.2.3 Current status of the reform process - ACH........................................261 Table VIII.4.2.4 Current status of the reform process - Cheque Clearing .....................264 Table VIII.4.2.5 Current status of the reform process - Payment Card Systems...........267 Table VIII.4.2.6 Current status of the reform process – Other Retail System...............270 Table VIII.4.2.7 Current status of the reform process - Securities settlement systems .273 Table VIII.2.8 Current status of the reform process - Foreign exchange settlement systems ...........................................................................................................................276 Table VIII.5.1 How relevant are/have been the following elements as an enabling factor or an obstacle for establishing payment system development objectives (Awareness and Cooperation)...................................................................................................................279


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Table VIII.5.1 (continued) How relevant are/have been the following elements as an enabling factor or an obstacle for establishing payment system development objectives (Awareness and Cooperation) ........................................................................................283 Table VIII.5.2 How relevant are/have been the following elements as an enabling factor or an obstacle for developing efficient payment and settlement arrangements .............286 Table VIII.5.2 (continued) How relevant are/have been the following elements as an enabling factor or an obstacle for developing efficient payment and settlement arrangements ..................................................................................................................290 Table VIII.5.3 How relevant are/have been the following elements as an enabling factor or an obstacle for promoting safe payment and settlement arrangements .....................293 Table VIII.5.3 (continued) How relevant are/have been each of the following elements as an enabling factor or an obstacle for promoting safe payment and settlement arrangements ..................................................................................................................296 Table VIII.5.4 How relevant are/have been each following elements as an enabling factor or an obstacle for ensuring appropriate governance/supervision/oversight.........299


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LEGAL FRAMEWORK

Table I.1

Pieces of legislation with direct/explicit references to payment systems

Central Bank Law Banking Law Payment

Systems Law Securities

Markets Law

Civil Code/comme

rcial code

Central Bank Regulations having the

power of law

Other

Afghanistan X X X Albania X X X X Algeria X X Angola X X X X X Argentina X X X X X X Armenia X X X X X X X 1

Australia X X Austria X X X Azerbaijan X X X Bahamas X BCEAO X X X Belarus X X X X X Belgium X X X X Belize X 2 Bhutan X X Bolivia X X X Bosnia - Herzegovina X X X X X Botswana X X X X Brazil X X X X X X 3 Bulgaria X X X X X Cambodia X X X X Canada X X X X 4 X X Cape Verde X X X X X Chile X X X X X China X X Colombia X X X X Costa Rica X X Croatia X X X X X X 5

Cyprus X X X X Czech Republic X X X X X X6 DR of Congo X X X X Denmark X Dominican Republic X X X 7 ECCB X X X X Egypt X X X X X X El Salvador X X X X Estonia X X X X X 8 Fiji X X Finland X X X France X X 9

Georgia X X X Germany X X X


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Markets Law

Civil Code/comme

rcial code


power of law

Other

Ghana X X X X Greece X X X X Guatemala X X X X X Guyana X X X Honduras X X X X Hong Kong X X X X X X Hungary X X X 10 X Iceland X X X X X X India X 11 X 12 X X X X Indonesia X X X X X Iran X 13 Ireland X Israel X X X X 14 Italy X X X Jamaica Japan X X X X Jordan X X X X X X Kazakhstan X X X X 15 Kenya X X Kuwait X X Kyrgyz Republic X X X X X X X Latvia X X X X Lebanon X 16 X X 17 Lesotho X X Lithuania X X X Luxembourg X X 18 X 19 X 20 Macao X Macedonia X X X X X X 21 Madagascar X X Malaysia X X X 22 Malta X X X X Mauritius X X X X 23 X Mexico X X X X X X Moldova X X X X X X Mongolia X X X X X Morocco X X X X X X Mozambique X X X X X X Myanmar X 24 Namibia X X Nepal X X X Netherlands X X X Netherlands Antilles X X New Zealand X X X Nicaragua X X Norway X X X Oman X X X Pakistan X X X X X Paraguay X


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Markets Law

Civil Code/comme

rcial code


power of law

Other

Peru X X X Philippines X Poland X X X Portugal X X 25 X X X Qatar X X X Romania X X X X Russia X X X X 26 Rwanda X X San Marino X X X Saudi Arabia X X X X X X Serbia X X X X Singapore X X X X X Slovak Republic X X X X X X X Slovenia X X X X X Solomon Islands X X X X X South Africa X X X X X Spain X X X X X X Sri Lanka X X X Sudan X X X X X X Sweden X X X Swaziland X X Switzerland X X X X Taiwan X X X X Tajikistan X X X Tanzania X X X X Thailand X X X X X 27 Trinidad and Tobago X X X X X Turkey X X X X X Uganda X Ukraine X X X United Arab Emirates X X X United Kingdom X X USA X X X X X X X Uruguay X X Venezuela X X Yemen X X X Zambia X X X X Zimbabwe X X X X X X X

1 Law on Fund Transfers by Credit Payment Orders. 2 Central Bank Act section 49/Clearing House Agreement. 3 Resolutions issued by “Conselho Monetário Nacional”, which is responsible for the regulation of the national

financial system. 4 No specific reference in general law but applicable law. 5 Consumer Protection Law. 6 Ley No.126-02 de Comercio Electrónico y Firmas Digitales. 7 Law of Obligations Act, Law of Property Act, Bankruptcy Act, Estonian Central Register of Securities Act,

Insurance Activities Act, regulations of the Minister of Finance concerning securities settlement. 8 With respect to securities settlement systems. 9 Monetary and Financial Code. 10 Financial institutions.


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11 The Government has granted the authority to the Central Bank to design issue and enforce regulations on Payment Systems.

12 A separate legislation (already passed by the Parliament) when enacted would provide the central bank explicit powers to regulate / oversee payment and settlement systems.

13 GENERAL NOTE: With effect from 1 May 2003, the Central Bank of Ireland, which came into being in 1943, was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland (CBFSAI) when the Irish Financial Services Regulatory Authority (the Financial Regulator) was established as the single regulator for all financial services in Ireland. The re-structured entity was formally established on 1 May 2003. The CBFSAI carries out all of the activities formerly carried out by the Central Bank of Ireland, together with additional regulatory and consumer protection functions for the financial services sector. The CBFSAI has two component entities:

• the Central Bank, which has responsibility for monetary policy functions, financial stability, economic analysis, currency and payment systems, investment of foreign and domestic assets and the provision of central services; and

• the Irish Financial Services Regulatory Authority (Financial Regulator), an autonomous entity within the CBFSAI with responsibility for financial sector regulation and consumer protection.

14 RTGS agreement with the participants. 15 Instructions and rules, which established by the National Bank of Kazakhstan. 16 Code of money and credit. 17 Law n. 133. 18 Financial sector law. 19 Included in the Financial Sector law. 20 Central bank circulars. 21 Law on data in electronic form and electronic signature, Law on enforced collection, Law on bankruptcy. 22 Rules and Guidelines. 23 The Code Civil Mauricien. 24 Financial Institution of Myanmar. 25 There is no Payment Systems Law. What exists is a collection of various Decree-Laws and other Legal

Documents ruling specific issues. 26 Fulfillment of requirements of normative acts of the Bank of Russia is obligatory for all credit organizations; in this

connection the specified normative acts are understood as laws in the given context. 27 The Electronic Transaction Act, B.E. 2544 (2001) provides the legal recognition of electronic data messages. The

Royal Decree Regulating Electronic Payment Service Business, B.E.


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LEGAL FRAMEWORK

Table I.2 Do legal provisions cover the following specific issues?

Clarity of timing of final settlement especially when

there is an insolvency

Legal recognition of (bilateral and multilateral)

netting arrangements

Recognition of electronic processing

of payments

Non-existence of

any zero hour or

similar rules

Enforceability of security interests provided under collateral arrangements and of any relevant repo

agreements

Protection from third-party claims of

securities and other collateral pledged in a

payment system Afghanistan X Albania X X X X X Algeria X X X X X X Angola X X X X X X Argentina X X X X Armenia X X X X X X Australia X X X X X X Austria X X X X X X Azerbaijan X X X X X X Bahamas X BCEAO X X X X X Belarus X X X X Belgium X X X X X Belize X Bhutan X Bolivia X X X Bosnia-Herzegovina X X X Botswana X X X X X X Brazil X X X X X X Bulgaria X X X X Cambodia Canada X X X X X X Cape Verde X X X Chile X X X X X X China X X Colombia X X X X X X Costa Rica X Croatia X X Cyprus X X X X X X Czech Republic X X X X X X DR of Congo X Denmark X X X X X X Dominican Republic X X X X X ECCB X X X X X Egypt X X X El Salvador X X X X Estonia X X X X X X Fiji X X X Finland X X X X X X France X X X X X X


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of payments

Non-existence of

any zero hour or

similar rules


agreements



payment system Georgia X X X X Germany X X X X X X Ghana X X X X X Greece X X X X X X Guatemala X X Guyana Honduras Hong Kong X X X X X X Hungary X X X X X X Iceland X X X X X X India 1 2 X 3 4

Indonesia X X X X X Iran X Ireland X X X X X Israel X X X X 5 X X Italy X X X X X X Jamaica X Japan X X X X Jordan X X X X X Kazakhstan X X X X X Kenya X Kuwait X X X Kyrgyz Republic X X X X X Latvia X X X X X X Lebanon X X Lesotho X X X Lithuania X X X X X X Luxembourg X X X X X X Macao X Macedonia X X X X Madagascar Malaysia X X X Malta X X X X X Mauritius X 6 X 7 X X 8 X 9 Mexico X X X X X Moldova X X X X X X Mongolia X X X X X Morocco X X X Mozambique X X X X X Myanmar Namibia X X X X X Nepal X X X X X Netherlands X X X X X X Netherlands Antilles X New Zealand X 10 X X X X X


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of payments

Non-existence of

any zero hour or

similar rules


agreements



payment system Nicaragua X X X Norway X X X X X X Oman 11 X X X X Pakistan X X X X X X Paraguay Peru X X X X Philippines Poland X X X X X Portugal X X X X Qatar X X Romania X X X X X X Russia X X X X Rwanda X X San Marino X Saudi Arabia X X X X X Serbia X X X X X X Singapore X X X X Slovak Republic X X X X X X Slovenia X X X X X X Solomon Islands X X South Africa X X X X X Spain X X X X X X Sri Lanka X X X X X X Sudan X X X X X Sweden X X X X X X Swaziland X X Switzerland X X X X X X Taiwan X X X Tajikistan X X X Tanzania X Thailand X X X X X Trinidad and Tobago X X Turkey X X X X X X Uganda 12 Ukraine X X X X United Arab Emirates X United Kingdom X X X X X X 13 USA X X X X X X Uruguay X Venezuela X Yemen X Zambia X X X X X X Zimbabwe X X X X

1 Has been defined in the Payment and Settlement Systems Bill passed by the Parliament.


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2 Set off of mutual claims bilaterally is recognized. However, there are no specific legal provisions covering multilateral netting arrangements. Bilateral netting is presently recognized by the India Contract Act. The Payment and Settlement Systems Bill which has been passed by the Parliament gives legal recognition to multilateral netting which is the basis of DNS system which is used for cheque clearing and retail electronic systems.

3 Security interests under collateral arrangements are generally enforceable through a Court of law. However, certain security interests in flavor of banks and financial institutions can be enforced even outside the Court under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.However, there are no specific legal provisions on enforceability of security interests under repo agreements.

4 The Payment and Settlement Systems Bill passed by the Parliament specifically provides for appropriation of collateral (by system provider) pledged by participants in payment system in case of default.

5 The zero hour rule exist but not relevant to the RTGS transaction. 6 So far, clarity of timing of final settlement is done through the law of contract. However, provision is being made

by statute in the Insolvency Bill. 7 This is done by way of contract. 8 This is done by way of contract. 9 This is done by way of contract. 10 Designated systems only. 11 A comprehensive legal framework has been submitted to the Government for legislative process. 12 Existing laws do not specifically deal with the above issues. However, the draft National Payment System, CSD

and other payment system-related bills deal with many of the above issues. However, the bills are yet to be tabled in Parliament for discussion and subsequent enactment into law.

13 Indicates that there is no express provision but sufficient general law.


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LEGAL FRAMEWORK

Table I.3 Scope of application of the legal provisions in question I.2

…apply only to payment systems operated by the

Central Bank?

…apply to all systemically important payment

systems?

…apply to all payment systems in the country?

Afghanistan X Albania X X X Algeria X Angola X Argentina X Armenia X Australia X Austria X Azerbaijan X Bahamas BCEAO X Belarus X Belgium X Belize Bhutan X X Bolivia X Bosnia - Herzegovina X Botswana X X Brazil X Bulgaria X Cambodia X Canada 1 X X Cape Verde X Chile X China X X Colombia X Costa Rica X Croatia X Cyprus X Czech Republic X 2 DR of Congo Denmark X Dominican Republic X ECCB X Egypt X El Salvador X X 3 Estonia X Fiji X Finland X X France X Georgia X Germany X Ghana X


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Central Bank?


systems?


Greece X 4 Guatemala X Guyana Honduras X Hong Kong X Hungary X Iceland X India X 5 Indonesia X X Iran X Ireland X Israel X X Italy X Jamaica X Japan X Jordan X Kazakhstan X Kenya X Kuwait X Kyrgyz Republic X Latvia X X Lebanon X Lesotho X Lithuania X Luxembourg X Macao X Macedonia X Madagascar Malaysia X X Malta X X Mauritius X Mexico X X Moldova X X Mongolia X Morocco X Mozambique X Myanmar X X Namibia X X X Nepal X Netherlands X Netherlands Antilles X X New Zealand X Nicaragua X Norway X Oman X Pakistan X Paraguay Peru X


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Central Bank?


systems?


Philippines Poland X Portugal X X Qatar X Romania X X Russia X Rwanda X San Marino X Saudi Arabia X Serbia X Singapore 6 X X Slovak Republic X X X Slovenia X Solomon Islands X South Africa X Spain X 7 Sri Lanka X Sudan X Sweden X Swaziland Switzerland X Taiwan X Tajikistan X Tanzania X Thailand X Trinidad and Tobago X Turkey X Uganda Ukraine X United Arab Emirates X United Kingdom X USA X X X Uruguay X Venezuela X Yemen X Zambia X Zimbabwe X X

1 Apply generally for some laws and to specified systems for others. 2 It is more complicated: to all but there is only one system operated by the CB till today. 3 The Central American Treaty on Payments and Settlement Systems applies to Systemic Important Payment

Systems. 4 If designated payment systems, where law requires. 5 Subject to the riders mentioned under each previous question. 6 Certain laws such as finality law apply to “designated systems” which may not be central bank operated or

systemically important. 7 It applies to all systems designated as such by Law 41/1999, on payment and securities settlement systems.

Transposition of Directive 98/26/EC (upgraded with changes of law 2/2004).


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LEGAL FRAMEWORK

Table I.4 Do legal provisions cover the following specific issues related to securities settlement?

Dematerialization of securities

Securities ownership

transfers through book entries

Finality of settlement

(securities and funds transfers)

Protection of custody

arrangements from third-party claims in the event of the bankruptcy of the

custodian

Securities lending arrangements

Afghanistan X Albania X X X X Algeria X X X X X Angola X X X X X Argentina X X X Armenia X X X X Australia X X X X X Austria X X X X X Azerbaijan X X X X X Bahamas BCEAO X X X X Belarus X X X Belgium X X X X X Belize X Bhutan Bolivia X X X Bosnia-Herzegovina X X X X Botswana X X X X Brazil X X X X X Bulgaria X X X X Cambodia Canada X X X Cape Verde X X X Chile X X X X X China Colombia X X X X X Costa Rica X X X X Croatia X X X Cyprus X X X Czech Republic X X X X X DR of Congo Denmark X X X X X Dominican Republic X X ECCB X X X Egypt X X X X X El Salvador X X X 1 Estonia X X X X X Fiji X X Finland X X X X X France X X X X X Georgia X X X X X


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custodian


Germany X X 2 X X X Ghana X X X Greece X X X X Guatemala X Guyana X X X Honduras X X X Hong Kong X X X Hungary X X X X X Iceland X X X X India X X X 3 X 4 Indonesia X X X X Iran X Ireland X X X Israel X Italy X X X X X Jamaica Japan X X X X Jordan X X X X Kazakhstan X X X X Kenya X X X Kuwait X X X Kyrgyz Republic 5 X X X X Latvia X X X X Lebanon X 6 X 7 X Lesotho X Lithuania X X X X Luxembourg X X X X Macao Macedonia X X X X Madagascar Malaysia X X X X Malta X X X X Mauritius X X X X Mexico X X X X Moldova X X X X X Mongolia X X X Morocco X X X X Mozambique X X X X X Myanmar Namibia X Nepal X X X Netherlands X X X X Netherlands Antilles New Zealand X X X 8 Nicaragua Norway X X X X X


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custodian


Oman X X X Pakistan X X X Paraguay Peru X X X X Philippines X X X X Poland X X X X X Portugal X X X X X Qatar X Romania X X X Russia X X X X Rwanda San Marino X Saudi Arabia X X X X Serbia X X X X X Singapore X X X X X Slovak Republic X X X X X Slovenia X X X X Solomon Islands X X X South Africa Spain X X X X X Sri Lanka X X X X X Sudan X X X X X Sweden X X X X X Swaziland Switzerland X X X X Taiwan X X X X Tajikistan X Tanzania X X X X X Thailand X X X X Trinidad and Tobago Turkey X X X X Uganda Ukraine X X X X United Arab Emirates X United Kingdom X X 9 X X X USA Uruguay X10 X Venezuela X X Yemen Zambia Zimbabwe X X X X X

1 Through the Central American Treaty on Payments and Settlement Systems. 2 General civil code rules on the transfer of ownership would also cover the transfer of ownership held “indirectly”. 3 The bye-laws of the stock exchanges and clearing corporation of such exchanges generally specify the finality of

the settlements. These bye-laws derive their power from the Statute. 4 Securities and Exchange Board of India (the securities market regulator for securities other than Government

securities) has issued a Scheme for securities lending.


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5 Expecting the very limited number of the government securities. 6 Bank Shares. 7 Bank Shares. 8 Finality occurs in respect of intermediaries in a designated payment system. Generally finality and irrevocability

arises as a result of contractual provisions embodied in the rules agreed to members of payment systems. 9 Indicates that there is no express provision but sufficient general law. 10 Stock Market Law, Commercial Societies Law.


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LEGAL FRAMEWORK

Table I.5 Central Bank’s payment systems oversight power

The Central Bank has no

formal powers to perform payment system oversight

Oversight powers are to be

found in the Central Bank

Law


found in the Payment System

Law


found in other laws

Empowerment is general, in the

context of “ensuring the adequate and

safe functioning of payments in

the country”

Empowerment is explicit, granting

it powers to operate,

regulate, and oversee payment systems

Afghanistan Albania X X X Algeria X X Angola X X Argentina X X X X Armenia X X X Australia X X X X Austria X X X Azerbaijan X X Bahamas X X X BCEAO X X Belarus X X Belgium X X Belize X Bhutan X X Bolivia X X Bosnia - Herzegovina X X Botswana X X X Brazil X X Bulgaria X X X Cambodia X X Canada X X Cape Verde X X Chile X X X X China Colombia X X Costa Rica X Croatia X X X X Cyprus X X X Czech Republic X X X DR of Congo Denmark X X X Dominican Republic X X ECCB X X X X X Egypt X X El Salvador X X Estonia X Fiji X X Finland X X France X X


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Law



Law


found in other laws




the country”




Georgia X Germany X X Ghana X X Greece X X Guatemala X X Guyana X X Honduras X Hong Kong X X Hungary X X X Iceland X X 1 X X India X 2 3 4

Indonesia X X X Iran X Ireland X X X X Israel X Italy X 5 X Jamaica X Japan X X Jordan X X Kazakhstan X X X Kenya X Kuwait X X Kyrgyz Republic X Latvia X X X Lebanon X 6 X 7 X Lesotho X X Lithuania X Luxembourg X X X Macao X Macedonia X X Madagascar Malaysia X X X Malta X X Mauritius X X X Mexico X X X X X Moldova X X Mongolia X X Morocco X X Mozambique X X Myanmar Namibia X X X Nepal X X Netherlands X Netherlands Antilles X X New Zealand X


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Law



Law


found in other laws




the country”




Nicaragua X Norway X X X X Oman X Pakistan X X Paraguay X Peru X Philippines X X Poland X X Portugal X X 8 X Qatar X Romania X Russia X X Rwanda X X San Marino X X Saudi Arabia X X Serbia X X X Singapore X X X Slovak Republic X X X Slovenia X X X X Solomon Islands X South Africa X X X Spain X X Sri Lanka X X X X Sudan X X Sweden X X Swaziland X X X Switzerland X X Taiwan X X X Tajikistan X X Tanzania X X Thailand X X X Trinidad and Tobago X X Turkey X X X Uganda X Ukraine X X X United Arab Emirates X X United Kingdom X X USA 9 X X X Uruguay X X Venezuela X X Yemen X X X Zambia X X Zimbabwe X X X X

1 Law on settlement finality in payment systems. 2 Limited oversight power in respect of transactions between banks/financial institutions.


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3 Payment and Settlement Systems Bill passed by Parliament provides for formal oversight powers. 4 Payment and Settlement Systems Bill passed by Parliament provides for formal oversight powers. 5 Banking law. 6 Code of money and credit. 7 Law n. 133. 8 There is no Payment Systems Law. What exists is a collection of various Decree-Laws and other Legal

Documents ruling specific issues. 9 The Federal Reserve has explicit, formal oversight powers with respect to the payment systems it operates. Its

authority to oversee private-sector systems comes from a variety of sources, but there is no general statutory authority to oversee payment systems per se. See comments in I.6 for additional detail.


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LEGAL FRAMEWORK

Table I.6 Additional comments to answers for question I.5

Albania (b) in addition, BoA is in the process of preparing a Payments System Oversight Policy;(d) Oversight powers are to be found also in the new “Banking Law”

Angola The Central Bank Law has a generic provision to operate, regulate and oversee payment systems

Armenia For details you can visit our website (www.cba.am), where you can find “Payment and Settlement System of the Republic of Armenia” (a kind of our “Red Book”) and “Conception on Payment System Oversight by the Central Bank of Armenia”

Australia The reference to “Other laws” above is that the central bank may approve payment systems with the effect that multilateral netting is legally certain and zero hour does not apply

Austria Ad d.) Settlement Finality Act

Azerbaijan

Authorities of the National Bank of Azerbaijan in Payment Systems sphere: • organizes, regulates and supervises payment systems including settlement and clearing (processing) systems to ensure their steady function; • allows clearing (processing) organizations permission and oversees upon rules defined by norm acts; • determines rules and conditions of realization of the non-cash settlements and transfers through credit organizations, and forms and contents of the payment documents as well; • sorts bank accounts, establishes rules of their opening, conducting and closing; • has the right to define the minimal requirements on reliability and security for clearing systems used by credit organizations; • performs other authorities upon organization of payment systems.

Bahamas Section 25 of the Central bank of The Bahamas Act 2000_provides that the Bank “may promote the establishment of a bank clearing system and provide facilities therefore.

Belize

Section 49 of the Central Bank of Belize Act - Subject to the provisions of this Act, the Bank may do any banking business or anything that is incidental to or consequential upon the exercise of its powers or the discharge of its functions under this Act, including the promotion of the establishment and maintenance of a bankers’ clearing house in Belize.

Bolivia The Central Bank is currently working in a project of a payment systems law.

Brazil The legal provision applies to all clearing and settlement service providers recognized by the central bank, as defined in central bank regulation.

Canada Powers to oversee and regulate are in the Payment Clearing and Settlement Act. Authority to operate a payment settlement system, which is taken as reference to an internal Bank of Canada settlement account management and transfer system for eligible account holders, are in the Bank of Canada Act.

Colombia In Colombia, the Law 795 of 2003 empowered the Central Bank to regulate the large value payment systems, the Ministry of Finance to regulate low value payment systems and the Financial Superintendence to supervise the payment systems in general.

ECCB Central Bank Law provides for the protection of the financial system including doing all in the Central Bank’s powers to ensure financial stability and economic development. Payment Legislation is currently pending in the local legislatures.

El Salvador

El Salvador has already signed the Central America and Dominican Republic Treaty on Payments and Settlements Systems. The Treaty empowers the regional central banks to perform the oversight function on both, national and regional payments and settlements systems. Actually, all the regional central banks are lobbying in order to have the Treaty approved by their respective Congress. In addition, the Salvadorian BCR is currently designing its Oversight Strategy, which is expected to be implemented in 2008.

Fiji Reserve Bank of Fiji is working on an automated payment system (RTGS) which should be available before the end of 2007. The Reserve Bank of Fiji Act contains general powers. Specific powers for the oversight of the Payments System are covered under Regulations issued pursuant to the Reserve Bank of Fiji Act.

Finland The Bank of Finland has also an explicit right to provide payment services, including settlement, i.e. it has also the right to operate payment systems. Securities laws mandate CSD and licensing authority to consult the central bank with regard to CSD's rules and license procedures.

France Concerning I.5 d above, oversight powers are to be found in the Monetary and Financial Code.

Germany As the Bundesbank belongs to the Eurosystem (ECB and National Central Banks of countries that have adopted the EURO as common currency) generally also some provisions in the “Treaty establishing the European Community” can be understood as empowerment to oversee payment systems.

Honduras A project of a payment systems law has been elaborated. It has been submitted to the Congress for approval.

India

A more explicit framework would be provided when the Payment Systems Bill is enacted as law. The Bill has been passed by the Parliament and is awaiting notification. Pending the enactment of the Payment and Settlement System Bill, the Reserve Bank of India is exercising its power under the RBI Act, 1934 to ensure smooth, safe and efficient operations of payment and settlement systems. The central bank under Section 58 (2) (p) and 58(2) (pp), of the RBI Act, 1934 is empowered to frame regulations and rules for the systems operated by banks.

Indonesia About question I.5 f, The central bank law explicitly granting power to operate and regulate payment system but not mentioning about power to oversee.


21

Ireland

From an EU perspective, the legal basis for the CBFSAI’s oversight role is covered in the Treaty establishing the European Community, and also in the Statute of the European System of Central Banks and the European Central Bank. Article 105 (2) of the Treaty, and Article 3 of the Statute, both state “…the basic tasks to be carried out through the ESCB shall be…to promote the smooth operation of payment systems.”.

Israel

Most of the legal aspects in this section are currently in the process of change as a result of the Payment System Reform process undertaken by the Bank of Israel. When completed most of the Core Principles for Systematically Important Payment Systems (SIPS ( that are referred to in this section will be complied with. "Payment Systems Law" was accepted and published at February 2008.

Jamaica Work has advanced the oversight function as well as establishing an appropriate legal framework covering all provisions referred to in this section. This body of work is scheduled for simultaneous completion with the RTGS and CSD projects.

Kazakhstan Oversight powers are to be found in the other normative legal acts, such as Rules of payment systems Oversight.

Kenya Discussions are at an advanced stage between the Central Bank of Kenya and the relevant Government offices with the aim of finalizing a National Payment Systems draft law for tabling in Parliament. This draft law contains clear provisions that accord the Central Bank the power to operate, regulate and oversee payment systems.

Kyrgyz Republic

The Law On the National Bank of the Kyrgyz Republic (NBKR) contents only general empowerment like NBKR provides efficiency, reliability and safety payment system. However the NBKR has developed the Regulation on payment system oversight on March 2006. Currently this regulation is supplementing by methodological procedures on perfoming the payment system’ oversight.

Lebanon Law n. 133 dated 26/10/1999 gave Banque Du Liban the power to reform, regulate and oversee the Payment Systems.

Lesotho The Bank’s power to oversee the payment is explicitly stated in the NPS Bill which is not yet promulgated by Parliament of Lesotho.

Namibia With respect to the Central Bank Law, Bank of Namibia Act, 1997 (Act No. 15 of 1997), empowerment is general in the context of ensuring stability in payment systems.

New Zealand The Reserve Bank has oversight/information gathering, but not regulatory powers.

Norway Norges Bank has a general resposibility to promote efficient payment systems according to the Central Bank Law, and a specific resposibility to oversee that authorized systems (SIPS) comply with the Payment System Law.

Peru

Although the Central bank is not empowered to do oversight , it is implicitly understood that the Central Bank has a natural interest for a sound financial system as well as sound payment systems, given its task to preserve monetary stability. This has led the Central Bank to establish agreements with the RTGS participants and issue Central Bank regulations on the clearing and settlement of retail payment instruments by the private electronic clearing house.

Poland The formal powers to perform payment system oversight are to be found in the Act on settlement finality in payment systems and in securities settlement systems and on the oversight on these systems.

Russia Concerning point f: regarding payment system of Bank of Russia. In section VII X* means «planned in the documents being developed».

Sudan The Electronic Transactions Act was approved by the Cabinet. Now it is in the final stages of approval by the National Assembly (the Parliament).

Sweden

Swaziland The CBS Amended Act 2004 provides both general and explicit powers to the central bank. The National Clearing and Settlements System Bill has been awaiting promulgation for the past four years.

Thailand

The Royal Decree Regulating Electronic Payment Service Business B.E. that is expected to be enacted by the end of 2007, will empower BOT to regulate non-financial institutions providing electronic payment service providers whose business transactions are important for financial stability, the security of electronic data, and consumer protection.

Trinidad and Tobago With regard to a, d and f, draft amendments to an existing lasw are with the authorities.

Uganda The law as it stands is inadequate. Even the general clause empowering the central bank to ensure efficient functioning of the payment system limits itself to clearing systems, possibly because at the time of its enactment, the most widely known non-cash payment system was a cheque clearing system.

United Kingdom The Bank of England is given responsibility for oversight of payment systems under a Memorandum of Understanding with HM Treasury and the Financial Services Authority, but has no legal powers.

USA

The Federal Reserve Act provides the Board of Governors of the Federal Reserve Systems with general supervisory authority over the payment systems operated by the Federal Reserve Banks. U.S. law does not provide the Federal Reserve with general statutory authority to supervise and enforce its policies against payment and securities settlement systems per se. Rather, the Federal Reserve's authority over private sector systems is derived primarily from the Federal Reserve's supervisory and enforcement authority over the various types of financial institutions that operate or participate in such systems or its ability to impose terms and conditions for the use of Federal Reserve settlement services. The extent of the Federal Reserve's supervisory and operational relationships with these institutions varies and, consequently, the Federal Reserve's authority over different systems similarly varies. Specifically, the nature and extent of its authority varies from system to system depending on (a) the charter type of a particular payment or securities settlement system operator or service provider, (b) the types of institutions that use a particular system or service, and (c) the types of services the system operator, service provider, and/or its users obtain from the Federal Reserve. These powers may include one or more of the authorities to charter, to examine, to regulate, to enforce (e.g., through cease and desist orders, suspension, removal, membership revocation, monetary penalties, etc.), to compel disclosure of information, to provide access to payment services, and/or to provide access to intra-day credit.


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Uruguay Legal and Regulatory Framework are being developed. Oversight power is defined in Payment System Law, which is in process of approval.


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LEGAL FRAMEWORK

Table I.7 Is a specific license required for non bank payment services

providers to provide payment services?

Non-banking

financial institutions

Clearinghouses Central Counterparties

Central Securities

Depositories

Money Transfer

Operators

Payment card processing companies

Other

Afghanistan X X Albania X X X X X X Algeria X X X X X X Angola X X X X X X Argentina X X X X Armenia X X 1 X 2 X 3 X Australia X X X X Austria X X X X X Azerbaijan 4 X Bahamas X BCEAO X X X X X X X Belarus X X Belgium X Belize X X Bhutan X X X Bolivia X X Bosnia-Herzegovina X X X X Botswana X X X X X X Brazil X X X X X Bulgaria X X X Cambodia X X Canada X X X Cape Verde X X X X X X X 5 Chile X X X X X China X X X X X X X Colombia X X X X Costa Rica X X X X Croatia X X X X Cyprus X X 6 Czech Republic X X X X X DR of Congo X X X X Denmark X X X Dominican Republic X X X ECCB X X X Egypt X X X X X X El Salvador X X X X X Estonia X Fiji X X X X X Finland 7 X X X X France 8 X X X X X X Georgia Germany X X X X 9 Ghana X X X X X


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Non-banking



Central Securities

Depositories

Money Transfer

Operators


Other

Greece X X Guatemala X X Guyana X Honduras X X X X X X Hong Kong Hungary 10 X X X X X X Iceland X 11 X X X India 12 13 14 15 X 16 Indonesia X X X X 17 Iran X Ireland X Israel 18 Italy X X X 19 X Jamaica X X X Japan X X X Jordan X X X X X Kazakhstan X X X X Kenya X 20 Kuwait X X X Kyrgyz Republic X Latvia 21 X Lebanon X X X X Lesotho Lithuania X X X X Luxembourg X X X X X Macao X X X X Macedonia X X Madagascar Malaysia X X X X X X Malta X X X X X X Mauritius X X X X X Mexico X X X X Moldova Mongolia X X X X Morocco X X X X X X Mozambique X X X X X X X Myanmar Namibia X X X X X X Nepal X X X Netherlands X X X Netherlands Antilles X X New Zealand Nicaragua Norway X Oman X X X Pakistan X X X X X X Paraguay X 22

Peru X X X X X Philippines


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Non-banking



Central Securities

Depositories

Money Transfer

Operators


Other

Poland X X Portugal X X X X X 23 X Qatar X X X X Romania X X X X 24 Russia 25 X 26 Rwanda X X X X X X San Marino X X Saudi Arabia X X X X X X Serbia X X X X X X Singapore 27 28 29 30 X Slovak Republic X X X Slovenia X 31 32 33 X 34 X 35 Solomon Islands X X X South Africa X X X X X Spain 36 X X X X X X Sri Lanka Sudan X X X Sweden 37 X X X X Swaziland X Switzerland Taiwan X X X X X X Tajikistan X Tanzania X X X X Thailand X X X X X X X 38 Trinidad and Tobago X X Turkey X X X Uganda 39 X X X X Ukraine X United Arab Emirates United Kingdom X X X X X X 40 USA 41 42 X X43 Uruguay 44

Venezuela Yemen X X X X Zambia X X X X Zimbabwe X X X X X

1 Central Securities Depositories are allowed to perform clearing operations by the Law “On Securities Market

Regulation”. 2 Under the Law “On Payment Systems and Payment Service Organizations”, there are two types of payment

service organizations (PSO): money transfer organizations and clearing and processing organizations. All PSOs must get license from the Central Bank of Armenia (CBA). Besides, to participate in a foreign payment system (such as Western Union, Money Gram, Anelik, Contact, etc.) the Armenian member (either bank or licensed money transfer organization) must get the CBA’s permission/approval.

3 Foreign Exchange is required to obtain a specific license from the Central Bank for foreign exchange trade. 4 Note: According the “Law about banks” only banks have a right to provide payment services. 5 Exchange Houses of Bureaus. 6 Electronic Money Institutions. 7 License is not required in Finland for the provision of payment services. However, license is required for the

provision of securities brokering, clearinghouse, central counterparty and CSD-services. (It can be noted, however, that licensing requirements for the provision of payment services are to be changed due to the recently approved EU-Directive on Payment Services in the Internal Market, to be implemented in national legislations by


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1 November 2009. According to the Directive, the provision of payment services will require a credit institution, electronic money institution, postal office or payment institution -license).

8 Provision of means of payment (any instrument which enables any person to transfer funds, regardless of the medium or the technical process used) is a banking transaction in France. Pending to further change in EU legislation, to carry out regularly such activity, a specific license as credit institution must be obtained from CECEI (Comité des établissements de crédit et des entreprises d'investissement).

9 E-Money issuers need a banking license as this activity is defined as banking business in Germany; issuers of credit cards and travelers cheques need a license as financial services institute.

10 With reference to b, c, d, currently in Hungary these three main functions are provided for by a single company acting as a specialized credit institution.

11 We don’t have central counterparties in Iceland. 12 The clearing houses at present are managed by the central bank or one of the public sector owned banks.

Clearing houses for cheque clearing are opened by banks with specific approval of the Reserve Bank of India. There is only one central counterparty for Government Securities clearing and Forex Clearing which has been setup by banks with active support and involvement by Reserve Bank of India. Though no formal license has been issued by the Reserve Bank of India, active involvement in setting up of a company has the characteristic of central bank approval. Western Union Money transfer is allowed only for inward remittance and therefore are subject to the provisions of the Foreign Exchange Management Act, 1999 administered by the Central Bank. No direct oversight is exercised on the card processing companies; however, instructions are issued to banks which are regulated entities and issuing cards in collaboration with these card companies. Please also see comments at 1.6.

13 The non-banking financial institutions which are companies are regulated and supervised by the Central Bank. There is no specific license for operating a payment system.



16 From the FEMA angle. 17 Central bank only gives license to money remitters. If the money remitters have cooperation with money transfer

operators, the money remitters must provide information about the cooperation to central bank (i.e. agreement, company profile, security audit report).

18 In terms of the Banking (Licensing Law) (1981) the activity of the “maintenance of a system of payments, including the collection, transfer and conversion of moneys” is reserved for licensed banks only. Therefore, non-bank payment service providers cannot undertake the activities stated. The answers below are therefore shown as “not applicable”.

19 For the CCP it is required a formal approval of the system’s operating rules but not a specific authorization to the management company.

20 Letters of no objection are obtained from the Central Bank by commercial banks through which the services/ products are to be offered.

21 No specific license for providing payment services is required, however, according to law, only banks, electronic money institutions and post can offer payment services.

22 Cooperatives. 23 Presently, “NO”. Money Transfer Operators operate jointly with banks. In the near future , after the transposition

of the European Directive on Payment Systems, all payment institutions will require an authorization from the Central Bank to operate.

24 Operators of SSS. 25 Concerning subsection I.7: payment services are given by credit organizations only in the presence of license. 26 If the activity of other provider of payment services assumes opening and conducting bank accounts, in this case

Bank of Russia license is required. 27 Non-bank credit/charge card providers like Diners but no licensing scheme. 28 ACH required to be approved, but not “licensed”. 29 CCP required to be approved, but not “licensed”. 30 CSD required to be approved, but not “licensed” 31 Not for their core business, which is not defined as payment services. Otherwise, the answer provided under g.

applies to them as well. 32 Not for their core business, which is not defined as payment services. Otherwise, the answer provided under g.



applies to them as well. 35 Any legal person wishing to provide payment services. 36 The final positions are settled in central bank money. 37 For a. and f. as far as the payment services are not based on transfer of funds. for e. notification is enough. 38 E-money , payment transaction switching, settlement agent/bank, bill payment services, credit card networking,

and EDC networking. 39 Please note that while in some cases, there may be no specific legal requirement for a license, many intending

payment service providers make it a point to secure central bank clearance or “no objection”. NBFIs and clearing houses would be licensed by the central bank, while central counterparties and non-government CSDs would be licensed or cleared by the Capital Markets Authority.


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40 Electronic Money Institutions. 41 The private-sector central counterparties and central securities depositories in the United States do not provide

general payment services. These entities are subject to a registration requirement with either the Securities and Exchange Commission or the Commodity Futures Trading Commission, but this registration is not to provide payment services per se.

42 The private-sector central counterparties and central securities depositories in the United States do not provide general payment services. These entities are subject to a registration requirement with either the Securities and Exchange Commission or the Commodity Futures Trading Commission, but this registration is not to provide payment services per se.

43 PayPal. 44 Entidades de cobranza centralizadas.


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LARGE VALUE PAYMENT SYSTEMS

Table II.1 Main system(s) used for large-value funds transfers

RTGS system Cheque Clearinghouse Other

Afghanistan X 1 Albania X X Algeria X Angola X X Argentina X Armenia X Australia X Austria X Azerbaijan X Bahamas X BCEAO X Belarus X Belgium X Belize X Bhutan X Bolivia X Bosnia - Herzegovina X Botswana X 2 X 3 Brazil X Bulgaria X Cambodia X Canada X 4 Cape Verde 5 Chile X 6 X 7 China X Colombia X 8 9 10

Costa Rica X Croatia X Cyprus X Czech Republic X D. R. of Congo X Denmark X Dominican Republic X ECCB X X Egypt X El Salvador X Estonia X Fiji X 11 Finland X France X Georgia X Germany X Ghana X Greece X Guatemala X X


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Guyana X Honduras X Hong Kong X Hungary X Iceland X India X X 12 Indonesia X Iran X X Ireland X Israel X13 X 14 15 Italy X Jamaica X X Japan X 16 X 17 Jordan X X Kazakhstan X Kenya X X Kuwait X X Kyrgyz Republic X 18 X 19 Latvia X Lebanon X X Lesotho X Lithuania X Luxembourg X Macao X Macedonia X Madagascar X Malaysia X Malta X Mauritius X X Mexico 20 X X Moldova X Mongolia X Morocco X Mozambique X X Myanmar X 21 Namibia X Nepal X X Netherlands X Netherlands Antilles X X New Zealand X Nicaragua X X Norway X Oman X Pakistan X Paraguay X Peru X Philippines X 22 X 23 24 Poland X Portugal X Qatar X X


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Romania X Russia X 25 Rwanda X 26 San Marino X Saudi Arabia X Serbia X Singapore X Slovak Republic X Slovenia X 27 Solomon Islands X X South Africa X Spain X Sri Lanka X Sudan X Swaziland X 28 X 29 Sweden X Switzerland X Taiwan X Tajikistan X Tanzania X X Thailand X Trinidad and Tobago X 30 X 31 X 32 Turkey X Uganda X Ukraine X United Arab Emirates X X United Kingdom X USA 33 X X Uruguay X X Venezuela X 34 X 35 Yemen X Zambia X Zimbabwe 36 X 37 X 38

Note: Percentages below reflect the share of total large-value payments in the country (in value) that flow through such system. 1 ACCS, Afghanistan Clearing and Settlement System. 2 96%. 3 4%. 4 The preferable description is large-value payment systems (LVPS) not RTGS (CPSS, 2005). 5 RTGS under development. 6 59%. 7 41% (DNS - Deferred Net Settlement Systems). 8 91%. 9 5.7%. 10 3.3%. 11 100%. 12 High Value Clearing – paper based clearing at 27 clearing houses in the country. 13 32%. The ZAHAV system was launched at 31 July 2007, fully operated at September 1st 2007. 14 6%. 15 ACH 40%. Securities 10%. 16 85%. 17 15%. 18 value – 75%, volume – 5%. 19 Interbank clearing house of retail payments (SIPS).


31

20 The main system settles payments with a netting mechanism more than twice a minute. Payments that cannot be settled with the available liquidity are returned to the queue.

21 SWIFT Debit Authority. 22 Peso 85%. 23 1%. 24 USD 14%. 25 Payment system of the Bank of Russia is a gross settlement system. From July, 2007 – the Banking Electronic

Speed Payments (BESP) system, a real-time gross settlement system the owner and operator of which is the Bank of Russia, will be implemented.

26 All inter-bank paper and card based payment instructions go through the Clearing House irrespective of amount. There is no separation of large and low value in the clearing house.

27 Banka Slovenije and Slovenian commercial banks are direct participants of RTGS+ (TARGET) system, which is operated by Deutsche Bundesbank.

28 90.3%. 29 9.7%. 30 59.3%. 31 40.3%. 32 ACH 0.4%. 33 Share of payments by value over U.S. large-value systems: 59% - Fedwire (RTGS); 41% - CHIPS (real-time

system with gross and net settlement functionality). 34 66%. 35 33%. 36 4.2% are small value payments. 37 88%. 38 7.8%.


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Table II.2 RTGS Operator, Settlement Agent, and the year in which system began operations on a full scale.

RTGS 1 RTGS 1 RTGS 1

Operator Settlement Agent Year Operator Settlement

Agent Year Operator Settlement Agent Year

Albania CB CB 2004 Algeria CB CB 2006 Angola CB CB 2005 Argentina CB CB 1997 Armenia CB CB 1997 Australia CB CB 1998 Austria CB CB 1997 Azerbaijan CB CB 2001 Bahamas CB CB 2004 BCEAO CB CB 2004 Belarus CB CB 1998 Belgium CB CB 1996 Bolivia CB CB 2003 Bosnia - Herzegovina CB CB 2001 Botswana CB CB 2006

Brazil CB CB 2002 Banks Association CIP 2002

Bulgaria CB CB 2003

Canada CPA 1 Bank of Canada 1999

Chile CB CB 2004 China PBC PBC 2005 Colombia CB CB 1998 Costa Rica CB CB 1999 Croatia CB CB 1999 Czech Republic CB CB 1992 Denmark CB 2001 ECCB CB CB 2000 Estonia CB CB 2002 Finland CB CB 1991 France CB CB 1997 Georgia CB CB 2001 Germany CB None 2001 Ghana CB CB 2003 Greece CB CB 1999 Guatemala CB CB 2006 Hong Kong 2 HKICL CB 3 1996 HKICL HSBC 4 2000 HKICL SCB 5 2003 Hungary CB CB 1999 Iceland Outsourced (owner CB) 6 CB 2000 India CB CB 2004 Indonesia CB CB 2000 Iran CB CB 2007 Ireland CB CB 1997


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Israel Bol Bol 2007 Italy CB CB 1997 Japan CB CB 2001 Jordan CB CB 2002 Kazakhstan KISK of CB CB 2000 Kenya CBK CBK 2005 Kuwait CBK CBK 2004 Kyrgyz Republic CB CB 2003 Latvia CB CB 2000 Lesotho CB CB 2006 Lithuania CB CB 2007 Luxembourg CB CB 1999 Macedonia CB CB 2001 Malaysia CB CB 1999 Malta CB CB 2002 Mauritius CB CB 2000 Mexico CB CB 1995 Moldova CB CB 2006 Morocco CB CB 2006 Namibia CB P.clearinghouse 2002 Netherlands CB CB Netherlands Antilles CB CB 1997 New Zealand CB N/A 1998 Norway CB CB 1999 Oman CB CB 2005 Peru CB CB 2000 Philippines CB CB 2002 PDS Citibank 1999 Poland CB CB 1996 CB CB 2005 Portugal CB CB 1996 Qatar CB CB 2000 Romania CB CB 2005 Russia CB CB 2007 Saudi Arabia CB CB 1997 Serbia CB CB 2003 Singapore 7 CB CB 1998 MAS MAS 2006 Slovak Republic CB CB 2003 Slovenia CB of Germany South Africa CB CB 1998 Spain CB CB 1996 Sri Lanka CB CB 2003 Swaziland CB CB 2007 Sweden CB 1990 Switzerland Private company 8 CB 1987 Taiwan CB CB 2002 Tajikistan CB CB 2002 Tanzania CB CB 2004 Thailand CB CB 1995 CB CB 2001


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Trinidad and Tobago CB 9 CB 2004 Turkey CB CB 1992 Uganda CB CB 2005 Ukraine CB CB 1994 United Arab Emirates CB CB 2000 United Kingdom CB CB 1996 USA CB CB 1918 Uruguay CB 10 CB 1981 CB10 CB 1996 CB 11 CB 2000 Venezuela CB CB 1998 Zambia CB CB 2004 Zimbabwe CB CB 2002

1 Canadian Payments Association owns and operates the Large Value Transfer System. 2 HKICL – Hong Kong Interbank Clearing Limited.

HKMA – Hong Kong Monetary Authority. HSBC – Hong Kong and Shanghai Banking Corporation. SCB – Standard Chartered Bank.

3 HKD RTGS. 4 USD RTGS. 5 EUR RTGS. 6 Outsourced to the Icelandic bank’s data center which acts as a technical operator. 7 MEPS and MEPS+. 8 Mutually owned by Swiss banks. 9 Enhancement. 10 SE.DE.CI. 11 SEDEC. 12 AGATA.


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Table II.3/a Statistics for RTGS Systems

Volumes of Transactions Value Settled in USD million

Payments in local currency Payments in local currency

2006 2004 2002 2006 2004 2002

Albania 32,732 28,580 nap 27,155,963,303 21,167,315,175 nap Algeria 147,478 nap nap 2,298,898,071,625 nap nap Angola 45,096 nap nap 42,312,155,409 nap nap Argentina 1,305,286 1,297,253 1,015,793 581,595,806,452 366,488,965,517 174,097,096,774 Armenia 1,001,000 637,000 830,000 9,321,430,288 3,049,671,978 1,655,040,112 Australia 6,400,000 5,800,000 5,000,000 29,415,384,615,385 25,021,428,571,429 17,243,888,888,889 Austria 4,392,160 3,683,425 3,475,072 14,454,065,000,000 10,587,586,250,000 6,613,148,181,818 Azerbaijan 370,000 370,000 387,000 26,496,666,667 10,164,000,000 5,049,000,000 Bahamas 19,036 10,9191 nap 7,851,174,000 6,811,762,500 nap BCEAO 287,402 164,9762 nap 65,364,406,374 19,038,934,687 nap Belarus 6,531,900 3,682,400 2,515,600 210,146,880,537 103,379,160,302 48,171,310,514 Belgium 2,817,435 2,730,924 2,439,951 43,170,375,000,000 31,657,500,000,000 20,259,545,454,546 Bolivia 21,264 5,400 Nap 6,857,875,000 1,788,734,177 nap Bosnia – Herzegovina 591,823 480,935 257,691 23,300,117,569 11,986,577,209 6,437,990,536 Botswana3 21,132 nap Nap 12,301,290,390 nap nap Brazil 10,374,137 10,384,954 5,259,441 29,225,448,181,818 14,926,248,620,690 11,678,271,379,310 Brazil CIP – Sitraf 2,009,435 1,233,573 1,810 68,657,727,273 29,713,448,276 11,379,310 Bulgaria 983,273 585,148 Nap 143,751,875,000 80,738,125,000 nap Canada Chile 195,238 197,363 nap 1,444,775,281,916 1,211,214,312,438 nap China 141,811,218 nap nap 32,192,042,125,000 nap nap Colombia 2,330,000 1,550,000 920,000 2,494,900,000,000 1,356,100,000,000 889,300,000,000 Costa Rica 132,021 89,338 71,327 45,578,617,250 31,193,576,159 20,855,366,870 Croatia 171,092 114,021 103,803 383,576,034,483 227,016,500,000 114,398,607,595 Czech Republic 382,000,000 350,000,000 290,000,000 6,725,663,716,814 4,280,155,642,023 3,363,914,373,089 Denmark 680,000 631,000 366,000 11,201,525,423,729 8,840,000,000,000 5,110,379,746,835 ECCU 7,487 10,753 nap 1,821,265,185 1,082,851,852 nap Estonia 46,614 40,663 15,901 59,232,846,172 44,176,738,227 30,211,749,975 Finland 524,300 455,800 390,600 7,183,000,000,000 5,933,625,000,000 3,400,363,636,364 France 4,600,000 4,000,000 3,800,000 168,750,000,000,000 135,000,000,000,000 81,818,181,818,182 Georgia 4,227,107 2,424,074 2,220,707 10,754,898,409 5,636,569,022 2,335,605,464 Germany 38,325,351 36,897,581 31,892,792 188,470,250,000,000 154,167,750,000,000 113,440,181,818,182 Ghana 93,103 36,749 21,500 51,682,342,170 41,330,930,858 14,030,821,788 Greece 1,520,000 1,370,000 1,210,000 8,591,025,000,000 4,496,450,000,000 2,439,572,727,273 Guatemala 39,345 nap nap 43,543,118,421 nap nap Hong Kong HKD RTGS 4,598,079 3,774,194 3,417,104 18,360,000,000,000 13,065,256,410,256 10,369,102,564,103 Hungary 809,443 554,950 337,340 3,715,042,775,665 2,219,033,053,774 1,003,997,673,517 Iceland4 319,270 150,027 104,1015 1,402,136,752,137 259,629,629,630 188,381,679,389 India6 3,521,712 362,742 nap 3,692,795,364,238 522,800,441,501 nap Indonesia 6,900,000 5,000,000 2,200,000 3,177,317,043,879 2,613,214,301,696 1,479,293,753,759 Ireland 1,217,268 1,021,373 582,260 8,320,000,000,000 6,192,500,000,000 4,441,818,181,818


36



2006 2004 2002 2006 2004 2002

Italy 13,368,700 11,264,300 8,440,100 62,340,125,000,000 45,430,750,000,000 30,768,181,818,182 Japan 5,549,000 5,178,000 4,788,000 218,141,874,462,597 188,764,325,323,475 143,885,167,464,115 Jordan 238,146 150,180 129,114 252,485,714,286 216,441,000,000 105,636,000,000 Kazakhstan 8,293,200 6,196,600 3,216,700 735,731,958,763 213,979,411,765 96,452,707,110 Kenya 142,045 nap Nap 118,769,264,910 nap nap Kuwait 373,000 89,000 Nap 458,000,000,000 115,000,000,000 nap Kyrgyz Republic 59,427 41,107 27,843 3,263,681,592 2,192,488,263 1,166,311,301 Latvia 198,590 148,483 109,822 92,594,198,750 104,239,218,000 33,623,595,455 Lesotho7 2,472 nap nap 1,337,647,059 nap nap Luxembourg 1,070,000 770,000 650,000 15,448,200,000,000 10,927,062,500,000 6,933,236,363,636 Macedonia 2,453,169 2,011,988 1,247,534 20,890,563,907 14,733,014,310 12,304,790,992 Malaysia 2,200,000 1,920,000 1,690,000 6,749,729,729,730 4,703,157,894,737 3,232,631,578,947 Malta 50,000 50,000 10,000 66,577,000,000 43,058,666,667 11,623,250,000 Mauritius 105,923 70,795 43,788 23,260,567,823 18,789,127,273 12,476,066,667 Mexico 19,126,115 4,527,633 3,501,335 10,710,898,256,881 7,892,392,212,389 7,103,570,824,742 Moldova8 518,145 nap nap 11,962,591,603 nap nap Morocco9 100,629 nap nap 362,802,306,065 nap nap Namibia 26,953 37,738 23,523 38,907,600,000 32,328,666,667 18,677,066,667 Netherlands 4,552,000 4,766,000 4,548,000 31,745,000,000,000 29,496,250,000,000 18,911,818,181,818 New Zealand 1,368,000 923,250 715,500 6,100,000,000,000 5,883,333,333,333 3,420,454,545,455 Norway 137,368 155,135 75,053 6,091,406,250,000 4,906,567,164,179 4,671,000,000,000 Oman 363,240 nap nap 158,672,500,000 nap nap Peru 226,025 178,913 191,816 137,378,000,000 94,966,000,000 98,298,000,000 Philippines 439,028 259,221 5,685 2,358,674,463,938 589,285,714,286 38,759,689,922 Poland RTGS 1 - Sorbnet 1,269,427 909,535 481,287 11,907,185,064,516 6,350,334,864,865 3,922,822,829,268 Portugal 1,400,00010 1,420,000 1,170,000 6,547,000,000,000 7,156,250,000,000 3,068,727,272,727 Qatar11 nav nav nap nav Nav nap Romania 1,548,371 nap nap 688,337,857,143 Nap nap Saudi Arabia 20,786,767 15,393,539 11,514,855 3,734,864,864,865 2,111,578,947,368 1,922,105,263,158 Serbia 148,976,803 114,125,814 nap 315,382,214,765 127,017,064,846 nap Singapore 2,864,799 2,237,692 2,037,449 8,698,315,225,625 5,797,681,360,588 5,574,842,726,667 Slovak Republic 130,000,000 109,000,000 nap 2,882,996,632,997 1,259,814,241,486 nap Slovenia 1,567,213 1,370,990 1,351,429 398,469,005,236 253,505,197,505 167,100,999,167 South Africa12 1,700,000 1,630,000 nap 7,058,823,529,412 6,769,230,769,231 nap Spain 10,747,625 4,818,353 3,957,131 103,107,311,250,000 100,414,888,750,000 61,803,142,727,273 Sri Lanka 175,357 138,119 nap 174,302,213,667 135,385,375,494 nap Sweden 1,704,418 1,296,243 1,088,735 16,665,000,000,000 15,380,821,917,808 11,648,865,979,381 Switzerland 317,100,000 209,100,000 177,000,000 34,486,923,076,923 34,940,833,333,333 27,968,750,000,000 Taiwan 817,008 629,930 442,745 7,528,707,692,308 5,798,263,473,054 4,435,462,427,746 Tajikistan 404,400 383,900 319,200 2,473,909,091 1,858,900,000 1,029,214,286 Tanzania 139,972 56,034 nap 24,602,604,042 12,852,290,462 nap Thailand 1,725,344 1,529,591 1,214,456 3,786,926,121,372 2,661,395,522,388 1,718,272,093,023 Trinidad and Tobago 26,809 4,20513 nap 47,460,476,190 14,700,952,381 nap Turkey 94,200,000 58,700,000 34,100,000 10,524,475,524,476 3,986,013,986,014 2,238,410,596,026 Uganda 68,426 nap nap 16,072,461,894 Nap nap


37



2006 2004 2002 2006 2004 2002

Ukraine 286,000,000 226,000,000 164,000,000 803,000,000,000 439,000,000,000 251,000,000,000 United Arab Emirates 1,019,447 805,756 803,386 936,408,378,378 661,161,351,351 331,247,297,297 United Kingdom 33,030,000 28,322,000 25,563,000 118,874,000,000,000 104,695,050,000,000 74,137,207,142,857 United States 133,605,267 125,103,104 114,979,176 572,645,790,000,000 478,946,945,000,000 405,761,750,000,000 Uruguay 115,880 67,000 74,000 50,669,754,098 70,883,173,702 27,498,643,396 Venezuela 533,669 394,855 182,084 525,740,568,235 186,914,820,494 114,447,028,424 Zambia 65,066 30,699 nap 33,846,687,575 10,923,434,263 nap

Zimbabwe 1,348,458 279,715 3,732 213,577,745,936 35,097,756,821 23,636,363,636

1 System started in May 2004. Figure provided multiplied by 1.5 to get annual figures. 2 System started in June 2004. Figure provided multiplied by 2 to get annual figures. 3 System became live in November 2006. Figure provided multiplied by 6 to get annual figure. 4 Figure for number of transactions covered June-Dec, and was multiplied by 1.8 to get annualized figures. 5 Original figure covered June-Dec. Was multiplied by 1.8 to get annualized. 6 System became live in March 2004. Figure provided multiplied by 1.35 to get annual figures. 7 System became live in August 2006. Figure provided multiplied by 3 to get annual figures. 8 System implemented in April 2006. Data multiplied by 1.5 to obtain annual figures. 9 The System started operating in Sep 2006. Figures indicate a multiplication by 3 to obtain annual figures. 10 SPGT+SLOD. 11 Qatar gave same figures for number of payments in RTGS and number of cheques. 12 System is available since 1995. Data was not provided for 2002. 13 Limited to the month of December 2004.


38


Table II.3/b Statistics for RTGS systems that settle in foreign currency

Volume of transactions Value settled in UDS mln In foreign currency In foreign currency

2006 2004 2002 2006 2004 2002 Argentina 21,826 4,952 11,169 25,214,000,000 1,290,000,000 8,084,000,000 Armenia 151 nap nap 12,704,327 nap nap Bolivia 15,534 4,637 nap 7,038,000,000 3,052,000,000 nap Canada Costa Rica 60,251 32,579 23,703 16,577,400,000 17,319,000,000 11,986,720,000 Denmark 116,000 92,000 nap 535,084,745,763 546,333,333,333 nap Estonia 2,129 nap nap 82,887,791 nap nap Guatemala 8,033 nap nap 3,328,500,000 nap nap Hong Kong USD RTGS 1,742,335 1,273,107 813,806 1,562,000,000,000 1,356,000,000,000 1,274,000,000,000 Hong Kong EUR RTGS 24,444 9,260 nap 325,000,000,000 287,500,000,000 nap Indonesia nav nav nav 3,031,000,000,000 2,433,000,000,000 1,434,000,000,000 Jordan 34,801 17,502 6,177 6,597,000,000 1,762,000,000 nav Kenya 10,3921 nap nap 2,441,000,000 Nap nap Peru 155,218 132,813 130,538 89,612,000,000 65,793,000,000 71,594,000,000 Philippines 360,000 250,000 nap 484,000,000,000 169,000,000,000 nap Poland RTGS 2 - Sorbnet-Euro 99,964 nap nap 427,576,250,000 Nap nap Sweden 205,668 246,308 230,955 1,357,500,000,000 2,178,750,000,000 1,259,090,909,091 United Kingdom 7,656,000 6,540,000 5,282,000 100,399,558,000,000 77,974,526,000,000 43,403,555,714,286 Uruguay 122,721 75,000 89,000 9,230,888,525 17,556,992,734 27,268,770,755

1 Figures available are for the last quarter of 2006. Info was multiplied by 4.


39


Table II.4 Primary means through which payment orders are sent to the RTGS

SWIFT International Network

SWIFT closed users’ group

Proprietary telecommunications network

Other electronic means (e-mail, etc.)

Other paper means

Afghanistan Albania X Algeria X X X Angola X Argentina X Armenia X 1 Australia X Austria X X X X X Azerbaijan X Bahamas X BCEAO X Belarus X Belgium X Belize Bhutan Bolivia X Bosnia – Herzegovina X Botswana X Brazil X Bulgaria X Cambodia Canada X 2 Cape Verde Chile X China X Colombia X Costa Rica X Croatia X Cyprus Czech Republic X X D. R. of Congo Denmark X Dominican Republic ECCB X X X Egypt El Salvador Estonia X Fiji Finland X X France X Georgia X X Germany X Ghana X Greece X Guatemala X X X


40





Other paper means

Guyana Honduras Hong Kong X Hungary X Iceland X India X Indonesia X Iran X Ireland X Israel X X Italy X Jamaica Japan X Jordan X Kazakhstan X Kenya X Kuwait X X Kyrgyz Republic X X Latvia X Lebanon X Lesotho Lithuania X Luxembourg X Macao Macedonia X X Malaysia X Malta X Mauritius X Mexico X Moldova X 3 X Morocco X Mongolia Mozambique Myanmar Namibia X X Netherlands X Nepal Netherlands Antilles X X New Zealand X X Nicaragua Norway X Oman X Pakistan Paraguay Peru X Philippines X X Poland X Portugal X Qatar X X X X Romania X


41





Other paper means

Russia X San Marino Rwanda Saudi Arabia X Serbia X Singapore X Slovak Republic X Slovenia Solomon Islands South Africa X Spain X X Sri Lanka X Sudan Swaziland X Sweden X X Switzerland X X Taiwan X Tajikistan X Tanzania X Thailand X X Trinidad and Tobago X Turkey X Uganda X X Ukraine X United Arab Emirates X United Kingdom X USA X Uruguay X Venezuela X X X Yemen Zambia X Zimbabwe X

1 “Electronic Payment System” (our RTGS system) was implemented on the basis of CBANet inter-bank

computer network, which is a locally created network. 2 SWIFTNET. 3 Participants also have a possibility to access the System through the SWIFT International Network.


42


Table II.5 Pricing and charges

Operator makes no charges

Charges are applied have no particular relation to cost recovery

Partial recovery of the operational cost

Full recovery of operational cost

Afghanistan Albania X Algeria X Angola X Argentina X Armenia X 1 Australia X Austria Azerbaijan X Bahamas X BCEAO Belarus Belgium Belize Bhutan Bolivia X Bosnia - Herzegovina X Botswana X Brazil 2 Bulgaria Cambodia Canada Cape Verde Chile China X Colombia Costa Rica Croatia X Cyprus Czech Republic D. R. of Congo Denmark Dominican Republic ECCB X Egypt El Salvador Estonia X 3 Fiji Finland X France Georgia X Germany Ghana X Greece Guatemala X


43





Guyana Honduras Hong Kong Hungary Iceland India X Indonesia Iran Ireland X 4 Israel X Italy Jamaica Japan X Jordan X Kazakhstan Kenya X Kuwait X Kyrgyz Republic X Latvia X Lebanon X Lesotho Lithuania Luxembourg Macao Macedonia Malaysia Malta Mauritius X Mexico Moldova Morocco Mongolia Mozambique Myanmar Netherlands X Namibia Nepal Netherlands Antilles X X New Zealand Nicaragua Norway Oman Pakistan Paraguay Peru Philippines Poland Portugal Qatar X X Romania X


44





Russia X San Marino Rwanda Saudi Arabia Serbia Singapore X Slovak Republic Slovenia Solomon Islands South Africa X Spain Sri Lanka Sudan Swaziland X Sweden Switzerland Taiwan Tajikistan X Tanzania X Thailand X Trinidad and Tobago X Turkey Uganda X Ukraine X United Arab Emirates X United Kingdom USA Uruguay X 5 Venezuela X Yemen Zambia X Zimbabwe X

1 For the processing/settlement of payment orders through Electronic Payment System CBA does not make any

charges, but participants pay for connecting to CBANet network (per month). 2 Answers from II.5 to II.17 are related to RTGS operated by CB. 3 The RTGS operator has rather stated that its objective is to cover the operational and overhead costs of both

RTGS and the ACH because these systems were developed together; they are using the same hardware and are operated by the same operator. This objective has been reached – the revenues of both the RTGS and ACH cover the operational and overhead costs of the systems.

4 IRISCo, the RTGS system owner, recovers 100% of its costs annually from IRIS participants. However, this is not done on the basis of transaction charges, but by dividing the total costs between all participants, each paying in proportion to their shareholding in the company (which is in turn based on transaction volumes). In addition, the Central Bank, the system operator, separately bills participants in respect of the TARGET fees applicable to cross-border payment.

5 Only one participant pays (A.F.A.P.s).


45


Table II.5 Pricing and charges (continued)

Full recovery of operational cost plus partial recovery of investment

Full recovery of operational and investment costs

Full recovery of operational costs and investment plus profit

Afghanistan Albania Algeria X Angola Argentina Armenia Australia Austria X Azerbaijan Bahamas BCEAO X Belarus X Belgium X Belize Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil X Bulgaria X Cambodia Canada X Cape Verde Chile X China Colombia X Costa Rica X Croatia Cyprus Czech Republic X D. R. of Congo Denmark X Dominican Republic ECCB Egypt El Salvador Estonia Fiji Finland France Georgia Germany X Ghana Greece X Guatemala


46




Guyana Honduras Hong Kong X Hungary X Iceland X India Indonesia Iran X Ireland Israel Italy X 1 Jamaica Japan Jordan Kazakhstan X Kenya Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania X Luxembourg X Macao Macedonia X Malaysia X Malta X Mauritius Mexico X Moldova Morocco X Mongolia Mozambique Myanmar Namibia X Netherlands Nepal Netherlands Antilles New Zealand X Nicaragua Norway X Oman Pakistan Paraguay Peru X Philippines X Poland X Portugal X Qatar Romania


47




Russia San Marino Rwanda Saudi Arabia X Serbia X Singapore Slovak Republic X Slovenia Solomon Islands South Africa Spain X Sri Lanka X Sudan Swaziland Sweden X Switzerland X Taiwan X Tajikistan Tanzania Thailand Trinidad and Tobago Turkey X Uganda Ukraine United Arab Emirates United Kingdom X USA X Uruguay Venezuela Yemen Zambia Zimbabwe

1 As already mentioned in the IMF assessment, in 2002 fees recovered from 80 to 85% of these costs with the

balance been regarded as a positive externality.


48


Table II.6 In case of a positive answer to any of the items e), f), or g) in question II.5,

please indicate how many years were considered for recovery of investment costs/profit making:

The recovery of investment costs To start generating a profit

Years Years Afghanistan Albania Algeria 7 Angola Argentina Armenia Australia Austria 6 Azerbaijan Bahamas BCEAO 5 10 Belarus Belgium 12 1 Belize Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil 7 Bulgaria 5 Cambodia Canada 03-May Cape Verde Chile 20+ China Colombia 5 Costa Rica 5 Croatia Cyprus Czech Republic 5 D. R. of Congo Denmark 5 Dominican Republic ECCB Egypt El Salvador Estonia Fiji Finland France Georgia Germany 8 Ghana


49


Years Years Greece 4 Guatemala Guyana Honduras Hong Kong 5 Hungary 5 Iceland 5 India Indonesia Iran 5 Ireland Israel Italy 8 Jamaica Japan Jordan Kazakhstan 5 2 Kenya Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania 5 Luxembourg 6 Macao Macedonia 5 Madagascar Malaysia 5 6 Malta 6 Mauritius Mexico 8 Moldova Mongolia Morocco 5 Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Norway 5 Oman Recovered upfront n/a Pakistan Paraguay Peru 5 Philippines 5 6


50


Years Years Poland 3 Portugal Qatar Romania Russia Rwanda San Marino Saudi Arabia 10 Serbia 1 1 Singapore Slovak Republic 4 Slovenia Solomon Islands South Africa Spain 6 Sri Lanka 10 Sudan Swaziland Sweden 6 Switzerland 2 3 Taiwan 5 Tajikistan Tanzania Thailand Trinidad and Tobago Turkey 10 Uganda Ukraine United Arab Emirates United Kingdom 4 USA 4 Uruguay Venezuela Yemen Zambia Zimbabwe 1 All investment costs from the start of development of ELLIPS (which went live in 1996). 2 Profitability 10%. 3 Opportunity costs of invested capital. 4 The laws and policies governing cost recovery for Federal Reserve priced services were introduced in 1980,

well after the system was initially established.


51


Table II.7 Sources of liquidity in RTGS system

Opening balances and funds received

from other participants during

the day

Participants can use a part

of their reserve

requirements during the day

Participants can use all

their reserve requirements

balance during the day

Lines of credit between banks

The RTGS operator allows current account

overdrafts

The RTGS operator grants credit, either in the form of a loan or a

repo

Other

Afghanistan Albania X X X X Algeria X X X X Angola X X X X Argentina X Armenia X X 1 Australia X X Austria X X Azerbaijan X X X X X Bahamas X X X X X BCEAO X X X X Belarus X X X X Belgium X X X Belize Bhutan Bolivia X X X Bosnia - Herzegovina X Botswana X X X Brazil X X X Bulgaria X X X X Cambodia Canada 2 X X 3 X 4 Cape Verde Chile X X X X China X X X X Colombia X X X X Costa Rica X X X Croatia X X X Cyprus Czech Republic X X X D. R. of Congo Denmark X X X Dominican Republic ECCB X X X X X X Egypt El Salvador Estonia X X X 5 Fiji Finland X X X France X X X Georgia X X Germany X X X 6


52



the day


of their reserve







overdrafts


repo

Other

Ghana X X X Greece X X X Guatemala X X X 7 Guyana Honduras Hong Kong X X X X Hungary X X X Iceland X X India X X X 8 X X Indonesia X X X X Iran X X Ireland X X X Israel X X X X 9 X 10 Italy X X X Jamaica Japan X X X X Jordan X X Kazakhstan X X X X Kenya X X X Kuwait X X X Kyrgyz Republic X X 11 X X X Latvia X X X Lebanon X X X Lesotho Lithuania X X X Luxembourg X X Macao Macedonia X X X X Madagascar Malaysia X X X Malta X X X Mauritius X X X Mexico X X Moldova X X X X X Mongolia Morocco X X X Mozambique Myanmar Namibia X X X X Nepal Netherlands X X X X Netherlands Antilles X X X New Zealand X 12 Nicaragua Norway X X Oman X X X X Pakistan


53



the day


of their reserve







overdrafts


repo

Other

Paraguay Peru X X X Philippines X X X X Poland X X X Portugal X X X X Qatar X X X X X Romania X X X Russia X X X Rwanda San Marino Saudi Arabia X X X X Serbia X X X X Singapore X X Slovak Republic X X X Slovenia Solomon Islands South Africa X X X Spain X X X X 13 Sri Lanka X X X 14 Sudan Swaziland X X X X Sweden X Switzerland X X X 15 Taiwan X X X Tajikistan X Tanzania X X Thailand X X X X Trinidad and Tobago X X X X 16 Turkey X X X Uganda X X X Ukraine X X X X United Arab Emirates X X X X United Kingdom X USA X X X Uruguay X X X X X Venezuela X X X Yemen Zambia X X X X Zimbabwe X X X X

1 Participants keep their reserve requirements on their current accounts. 2 Bank of Canada does not operate LVTS . It provides settlement facilities to LVTS participants – settlement

accounts, intra-day collateralized credit and collateralized overnight credit. LVTS is s dual stream system. In the T1 stream, each participant fully collateralizes any Bank of Canada intra-day credit required to fund and out-payment. In the T2 stream, participants pool collateral so that a participant can borrow from the pool, if necessary, to help fund an out-payment with collateralized intra-day credit from the Bank of Canada. Intra-day loans are automatically re-paid through subsequent net in-payments and the collateral is released.

3 Collateral pooling and borrowing. 4 Bank of Canada intra-day collateralized credit.


54

5 The RTGS operator offers this opportunity, but it is not used by the participants (the reserve requirements of the participants are quite high and therefore there is no need for additional liquidity).

6 The Deutsche Bundesbank as central bank of Germany provides intraday credit in Euro. Intraday credit is based on eligible collateral. Eligible collateral shall consist of the same assets and instruments as eligible assets for Euro system monetary policy operations. Intraday credit is provided free of charge.

7 Intraday liquidity. 8 There is no mechanism in place for monitoring of maintenance of CRR balance during the day. 9 Each loan given by Bank of Israel is against eligible collateral. 10 Only loans. 11 However use of reserves allowed during two weeks within the limit threshold, established by the NBKR. 12 Liquified in NZD through the use of USD/NZD Fx swaps. 13 The RTGS operator allows current account overdrafts fully collateralized. 14 Intraday liquidity facility. 15 Central bank as settlement agent grants intraday credits based on repo transactions. 16 Free intraday collateralized credit.


55


Table II.8 Operator’s Management of its Credit Risk Exposure in the System

High quality collateral required in all cases

Collateral required in all cases, but quality not always suitable

Account overdrafts and/or credit is limited, but no

collateral required

No limits or collateral requirements for overdrafts/ credit

Afghanistan Albania X Algeria X X Angola X Argentina Armenia 1 Australia X Austria X Azerbaijan X Bahamas X BCEAO X Belarus X Belgium X Belize Bhutan Bolivia X Bosnia - Herzegovina X Botswana X Brazil X Bulgaria Cambodia Canada X Cape Verde Chile X China X Colombia X Costa Rica X Croatia X Cyprus Czech Republic X D. R. of Congo Denmark X Dominican Republic ECCB X X Egypt El Salvador Estonia X Fiji Finland X France X Georgia Germany X 2 Ghana X Greece X


56




collateral required


Guatemala X Guyana Honduras Hong Kong X X Hungary X Iceland X India X Indonesia X Iran X Ireland X Israel X Italy X Jamaica Japan X Jordan X Kazakhstan Kenya X Kuwait X Kyrgyz Republic X Latvia X Lebanon X Lesotho Lithuania X Luxembourg X Macao Macedonia X Madagascar Malaysia X Malta X Mauritius X Mexico X Moldova X Mongolia Morocco X Mozambique Myanmar Namibia X Nepal Netherlands X Netherlands Antilles X New Zealand X Nicaragua Norway X Oman X Pakistan Paraguay Peru X Philippines X Poland X


57




collateral required


Portugal X Qatar X X Romania X Russia X Rwanda San Marino Saudi Arabia X Serbia X Singapore X Slovak Republic X Slovenia Solomon Islands South Africa X Spain X Sri Lanka X Sudan Swaziland X Sweden X Switzerland X Taiwan X Tajikistan Tanzania X Thailand X Trinidad and Tobago X Turkey X Uganda X Ukraine United Arab Emirates X X United Kingdom X USA X 3 Uruguay X Venezuela X Yemen Zambia X Zimbabwe X

1 There are no overdraft/credit or collateral mechanisms in RTGS system, as the participants in average keep 10

times more liquidity, than needed. 2 Eligible collateral is subject to the same valuation and risk control rules as those laid down in Annex I to

Guideline ECB/2000/7 (http://www.ecb.europa.eu/pub/pubbydate/2000/html). 3 Collateral is required in certain circumstances, but not all.


58


Table II.9 Non-repayment of Intraday Liquidity at the end of Operational Day

Operator seizes the collateral immediately

thereafter

Operator transforms the intraday credit into

overnight at market rates


overnight at penalty rates Other

Afghanistan Albania X Algeria X Angola X Argentina Armenia Australia X Austria X Azerbaijan X Bahamas X X BCEAO X Belarus X Belgium X Belize Bhutan Bolivia X Bosnia - Herzegovina Botswana X Brazil X Bulgaria Cambodia Canada X 1 Cape Verde Chile X China Colombia X Costa Rica X Croatia X 2 Cyprus Czech Republic X D. R. of Congo Denmark X Dominican Republic ECCB X Egypt El Salvador Estonia X Fiji Finland X France 3 Georgia Germany X 4 Ghana X Greece X Guatemala X


59


thereafter





Guyana Honduras Hong Kong X Hungary X Iceland X X India X 5 X Indonesia X Iran X Ireland X 6 Israel X 7 Italy X X X 8 Jamaica Japan X Jordan X Kazakhstan Kenya X Kuwait X X Kyrgyz Republic X Latvia X Lebanon X Lesotho Lithuania X Luxembourg X Macao Macedonia X Madagascar Malaysia X Malta X X Mauritius X Mexico X Moldova X 9 Mongolia Morocco X Mozambique Myanmar Namibia X Nepal Netherlands X X Netherlands Antilles X New Zealand X 10 Nicaragua Norway X 11 Oman X Pakistan Paraguay Peru X Philippines X Poland 12 X Portugal X Qatar X X X


60


thereafter





Romania X Russia X Rwanda San Marino Saudi Arabia X Serbia X Singapore X Slovak Republic X Slovenia Solomon Islands South Africa X Spain X Sri Lanka X Sudan Swaziland X Sweden X Switzerland X Taiwan X Tajikistan Tanzania X Thailand X Trinidad and Tobago X Turkey X Uganda X Ukraine United Arab Emirates X United Kingdom X USA X Uruguay X Venezuela X Yemen Zambia X X Zimbabwe X

1 Only if the participant is deemed solvent. Other wise, the Bank of Canada seizes collateral and funds

settlement 2 The RTGS operator transforms the intraday credit into overnight at Lombard loan rates. 3 The intraday credit is transformed automatically into overnight credit at the rate of the Euro system’s

marginal lending facility (at this date, 100 base points over the main refinancing rate). 4 The failure by credit institutions established in the EEA that are eligible counterparties for Euro system

monetary policy operations and have access to the marginal lending facility, including when those credit institutions act through a branch established in the EEA and including branches established in the EEA of credit institutions that are established outside the EEA, to reimburse the intraday credit at the end of the day shall automatically be considered as a request by such entity for recourse to the marginal lending facility. The failure by • credit institutions established in the EEA that are not eligible counterparties for Euro system monetary

policy operations and/or do not have access to the marginal lending facility, including when they act through a branch established in the EEA and including branches established in the EEA of credit institutions that are established outside the EEA;

• investment firms established in the EEA provided that they have concluded an arrangement with a Euro system monetary policy counterparty to ensure that any residual debit position at the end of the relevant day is covered; and

• entities that provide clearing or settlement services, which are established in the EEA and are subject to oversight by a competent authority, provided that the arrangements for granting intraday credit to such entities have been submitted to the Governing Council in advance and have been approved by the Governing Council to reimburse the intraday credit at the end of the day for whatever reason shall


61

render that entity liable to the following penalties: if the entity in question has a debit balance on its account at the end of the day for the first time within any twelve-month period, then this entity shall incur penalty interest calculated at a rate of 5% above the marginal lending rate on the amount of such debit balance; if the entity in question has a debit balance on its account at the end of the day for at least the second time within the same twelve-month period, then the penalty interest mentioned above shall be increased by 2.5% for each time additional to the first that a debit position has occurred within this twelve-month period.

5 In addition penalty is charged. 6 ECB marginal lending rates are applied. 7 Key interest rate +1%. 8 The failure to reimburse the intraday credit at the end of the day by a participant which is a an eligible

counterparty for Euro system monetary policy operations and has access to the marginal lending facility is considered as a request for a recourse to the marginal lending facility at the marginal lending rate.

9 The RTGS operator transforms the intraday credit into overnight at the rate on overnight credits that are the ceiling interest rate of the rates corridor applied by NBM.

10 Generally, intraday credit is not provided as the system is strongly liquefied, primarily through the use of FX swaps.

11 That is 1.0 percent point above the interest rate for deposits. This is not referred to as a penalty rate. 12 If the bank fails to provide the funds necessary for repayment of the credit together with the interest due by

the specified time (10.30 a.m. CET) on the next operating day, the National Bank of Poland will sell the securities in order to cover the bank’s debt.


62


Table II.10 If a participant does not have enough balance (and/or credit) in its current account with the RTGS

operator to process new payments, what mechanism becomes applicable

The payment order is rejected immediately

The payment order goes into a queue for later processing Other

Afghanistan Albania X Algeria X Angola X Argentina X Armenia X Australia X Austria X Azerbaijan X Bahamas X BCEAO X Belarus X Belgium X Belize Bhutan Bolivia X Bosnia - Herzegovina X Botswana X Brazil X X Bulgaria X Cambodia Canada X X Cape Verde Chile X China X Colombia X X Costa Rica X Croatia X Cyprus Czech Republic X D. R. of Congo Denmark X Dominican Republic ECCB X Egypt El Salvador Estonia X Fiji Finland X France X Georgia X Germany X Ghana X Greece X


63



Guatemala X Guyana Honduras Hong Kong X Hungary X Iceland X India X Indonesia X Iran X Ireland X 1 Israel X 2 Italy X Jamaica Japan X Jordan X Kazakhstan X Kenya X X Kuwait X Kyrgyz Republic X X 3 Latvia X Lebanon 4 X Lesotho Lithuania X Luxembourg X Macao Macedonia X Madagascar Malaysia X Malta X Mauritius X X Mexico X Moldova X Mongolia Morocco X Mozambique Myanmar Namibia X Nepal Netherlands X Netherlands Antilles X New Zealand X Nicaragua Norway X Oman X Pakistan Paraguay Peru X Philippines X Poland X Portugal X


64



Qatar X Romania X Russia X Rwanda San Marino Saudi Arabia X Serbia X Singapore X Slovak Republic X Slovenia Solomon Islands South Africa X Spain X Sri Lanka X Sudan Swaziland X X Sweden X Switzerland X Taiwan X Tajikistan X Tanzania X X Thailand X Trinidad and Tobago X X Turkey X Uganda 5 X Ukraine X United Arab Emirates X United Kingdom X USA X X 6 Uruguay X Venezuela X Yemen Zambia X X Zimbabwe 7 X X

1 Payments in the queue for value on any given day are rejected at close of business if they have still not been

settled by that time. 2 See question II.11. 3 The queuing mechanism will be able in the new RTGS system starting from the beginning of 2008. 4 Payments designated LO can be queued whereas those designated RG are rejected immediately. 5 Please note that the Bank of Uganda RTGS system provides for two distinct channels:

• the Real Time Mechanism (RTM) where a payment is immediately rejected if there are no sufficient funds or collateral to support settlement of the funds transfer instruction, and

• the Liquidity Optimizing Mechanism (LOM), where a payment order is queued if a participant does not have sufficient funds on the settlement account. N.B As we wanted the real-time settlement culture to take root and be appreciated, we initially implemented only the RTM option. We decided against implementing both the RTM and LOM simultaneously as RTGS participants, in pursuit of liquidity optimization, would have most likely opted for the LOM facility. Plans are now underway to implement the LOM option.

6 Overdrafts against net debit caps are generally monitored ex-post. In limited circumstances, a participant’s intraday position may be monitored in real-time and any payment order that would result in a breach of that cap would be rejected.

7 Participants can make or choose to use the delayed route or real time route and the delayed route allows for the queuing of payment orders.


65


Table II.11 Queuing arrangements and prioritization

A centralized queuing mechanism is used

A FIFO resolution algorithm is used

Bilateral offsetting is used as resolution

algorithm

Multilateral offsetting is used as resolution

algorithm

Both bilateral and multilateral offsetting

is used

Afghanistan Albania X X Algeria X X X Angola X X X Argentina Armenia 1 Australia X X Austria X X Azerbaijan X X X Bahamas X X BCEAO X X X Belarus X Belgium X X X 2 Belize Bhutan Bolivia Bosnia - Herzegovina X Botswana X X X X X Brazil X Bulgaria X X X Cambodia Canada X X X Cape Verde Chile X X X China X X Colombia X X X Costa Rica Croatia X X Cyprus Czech Republic X X D. R. of Congo Denmark X X Dominican Republic ECCB Egypt El Salvador Estonia X X Fiji Finland X X X France 3 X X Georgia X X Germany X X X Ghana X X Greece X X X


66




algorithm


algorithm


is used

Guatemala X X X X X Guyana Honduras Hong Kong X X X Hungary X X X Iceland India X X X Indonesia X X Iran X X X Ireland X X X Israel X X Italy X X X Jamaica Japan Jordan X X Kazakhstan X X X Kenya X X X Kuwait X X Kyrgyz Republic 4 X X X Latvia X X X Lebanon X X Lesotho Lithuania X X X Luxembourg X Macao Macedonia X X Madagascar Malaysia X X Malta X Mauritius X X X Mexico 5 X X Moldova X X X Mongolia Morocco X X Mozambique Myanmar Namibia Nepal Netherlands X Netherlands Antilles X X New Zealand X X X X Nicaragua Norway X X X Oman X X X X Pakistan Paraguay Peru X Philippines X X


67




algorithm


algorithm


is used

Poland X X X Portugal X X X X X Qatar X X Romania X X X Russia X X Rwanda San Marino Saudi Arabia X X X Serbia X X X Singapore X X X Slovak Republic X Slovenia Solomon Islands South Africa Spain X X X Sri Lanka X X Sudan Swaziland X X Sweden X X Switzerland X X X Taiwan X X Tajikistan Tanzania X X X Thailand X X X Trinidad and Tobago X Turkey X X X Ugandan 6 Ukraine United Arab Emirates X X X United Kingdom X USA Uruguay Venezuela X Yemen Zambia X X Zimbabwe X X X X X

1 A FIFO mechanism is used in the RTGS system, but there are no queuing arrangements and prioritization.

However, there are plans to organize queuing mechanism in near future in a new type of system- hybrid system.

2 Only in case of gridlock. 3 Although the participants can not set priorities to their payment orders, the system will automatically grant a

higher priority to CLS payments, Ancillary Systems settlements and Central Bank operations. 4 The current system does not have any queuing mechanism. But the new RTGS will support such mechanism

on FIFO resolution. 5 Participants can set funds aside so settle high priority payments. 6 Although the option that provides for queuing is not yet implemented, it could possibly among others provide for

b, e, f, h, i, j. However, implementation details and the feasible permutations of the above options will be worked out with the vendor.


68


Table II.11 Queuing arrangements and prioritization (continued)

The offsetting mechanism is

triggered automatically every

certain period of time

The offsetting mechanism is triggered automatically by non-

time-related parameters

The offsetting mechanism can be

triggered manually by the RTGS operator

Participants can set

priorities to their payment

orders

Participants can change the priorities to their

payment orders once these orders are in a queue waiting to be settled

Afghanistan Albania X X X Algeria X X X Angola X X X X Argentina Armenia Australia X X X Austria X X Azerbaijan X X X X Bahamas X X X X X BCEAO X X X Belarus X X X Belgium X X X Belize Bhutan Bolivia Bosnia - Herzegovina X X Botswana X X X X Brazil X X Bulgaria X X X X Cambodia Canada X X X Cape Verde Chile X X X X China X X X X Colombia X X X Costa Rica Croatia X X Cyprus Czech Republic X D. R. of Congo Denmark X X X Dominican Republic ECCB Egypt El Salvador Estonia X Fiji Finland X X X France X Georgia X X Germany X X X X X


69










orders



Ghana X X Greece X X Guatemala X X X X X Guyana Honduras Hong Kong X X Hungary X X X Iceland India X X X Indonesia Iran X X X X Ireland X X X X Israel X X X X Italy X X X Jamaica Japan Jordan X X Kazakhstan X X X Kenya X X X X Kuwait X X Kyrgyz Republic X X X X Latvia X X X X Lebanon X X X X Lesotho Lithuania X X X X Luxembourg Macao Macedonia X X X Madagascar Malaysia X X Malta Mauritius X X X X Mexico X X X Moldova X X X Mongolia Morocco X X X Mozambique Myanmar Namibia Nepal Netherlands X X Netherlands Antilles New Zealand X Nicaragua Norway X X Oman X X X Pakistan


70










orders



Paraguay Peru Philippines X X Poland X X Portugal X X X X Qatar X X X X Romania X X X X Russia X X X Rwanda San Marino Saudi Arabia X X X Serbia X X X Singapore X X X X Slovak Republic X X Slovenia Solomon Islands South Africa Spain X X X X Sri Lanka X X Sudan Swaziland X X X X Sweden X Switzerland X X Taiwan Tajikistan Tanzania X X X Thailand X X X Trinidad and Tobago X X X X X Turkey X X X X Uganda Ukraine United Arab Emirates X X United Kingdom X X X USA Uruguay X 1 X 2 Venezuela Yemen Zambia X X Zimbabwe X X X X

1 Manual process is required. 2 Manual process is required.


71


Table II.12 Is the pricing policy used to incentivate the smooth flow of payments through the system during the

day, to promote participants sending their payment orders early in the operational day? Afghanistan Albania Algeria X Angola Argentina Armenia Australia Austria Azerbaijan Bahamas BCEAO X Belarus X Belgium Belize Bhutan Bolivia Bosnia - Herzegovina X Botswana X Brazil X Bulgaria X Cambodia Canada Cape Verde Chile China X Colombia X Costa Rica Croatia Cyprus Czech Republic X D. R. of Congo Denmark Dominican Republic ECCB Egypt El Salvador Estonia Fiji Finland France Georgia X Germany Ghana Greece Guatemala X


72

Guyana Honduras Hong Kong Hungary Iceland India Indonesia X Iran Ireland Israel 1 Italy Jamaica Japan Jordan Kazakhstan X Kenya X Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia X Madagascar Malaysia Malta Mauritius Mexico Moldova Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Norway Oman Pakistan Paraguay Peru X Philippines Poland Portugal X Qatar Romania


73

Russia Rwanda San Marino Saudi Arabia Serbia X Singapore X Slovak Republic X Slovenia Solomon Islands South Africa X Spain Sri Lanka Sudan Swaziland X Sweden Switzerland X Taiwan X Tajikistan X Tanzania X Thailand X Trinidad and Tobago Turkey Uganda X Ukraine X United Arab Emirates United Kingdom USA Uruguay Venezuela Yemen Zambia X Zimbabwe

1 ZAHAV system has the option to activate differentiated charges based on the time of the day, so far Bank of

Israel did not use that option.


74


Table II.13 Resilience and Business Continuity Practices

Routine procedures are

in place for periodical data

back-ups

Data storage media kept in

sites other than main

processing site

Back-up servers have

been deployed at the main

processing site

A fully equipped alternate

processing site exists

Operator has documented a formal BCP -

Business Continuity Plan

BCP include procedures for

information dissemination and

for crisis management

Business continuity

arrangements are

regularly tested

Afghanistan Albania X X X Algeria X X X X X X X Angola X X X X X Argentina X X X X X X Armenia X X X X X 1 X Australia X X X X X X X Austria X X X X X X Azerbaijan X X X X X X Bahamas X X X X X X BCEAO X X X X X X Belarus X X X X X X Belgium X X X X X X X Belize Bhutan Bolivia X X X Bosnia - Herzegovina X X X X X X X Botswana X X X X X X X Brazil X X X X X Bulgaria X X X X X Cambodia Canada X X X X X X X Cape Verde Chile X X X X X X X China X X X X X Colombia X X X X X X X Costa Rica X X X X X X Croatia X X X Cyprus Czech Republic X X X X X X D. R. of Congo Denmark X X X X X X X Dominican Republic ECCB X X X X X Egypt El Salvador Estonia X X X X X X Fiji Finland X X X X X X X France X X X X X X Georgia X X X Germany X X X X X X X


75



back-ups



processing site



processing site








Business continuity

arrangements are

regularly tested

Ghana X X Greece X X X X X Guatemala X X X X X X X Guyana Honduras Hong Kong X X X X X X X Hungary X X X X X X X Iceland X X X X X X X India X X X X X X X Indonesia X X X X X X X Iran X X Ireland X X X X X X X Israel X X X X X X 2 Italy X X X X Jamaica Japan X X X X X X X Jordan X X X X Kazakhstan X X X X X X Kenya X X X X X X X Kuwait X X X X X Kyrgyz Republic X X X X X X X Latvia X X X X X X X Lebanon X X X X X Lesotho Lithuania X X X X X X Luxembourg X X X X Macao Macedonia 3 X X Madagascar Malaysia X X X X X X X Malta X X X X X Mauritius X X X X X X X Mexico X X X X X Moldova X X X X X X Mongolia Morocco X X X X X X Mozambique Myanmar Namibia X X X X X X X Nepal Netherlands X X X X X Netherlands Antilles X X New Zealand X X X X X X Nicaragua Norway X X X 4 X X X Oman X X X X X X X 5 Pakistan


76



back-ups



processing site



processing site








Business continuity

arrangements are

regularly tested

Paraguay Peru X X X X X Philippines X X X X X X X Poland X X X X X X X Portugal X X X X X X X Qatar X X X X X Romania X X X X X X X Russia X X X X X Rwanda San Marino Saudi Arabia X X X X X X X Serbia X X X X X X X Singapore X X X X X X X Slovak Republic X X X X X X X Slovenia Solomon Islands South Africa X X X X X X X Spain X X X X X X X Sri Lanka X X X X X X X Sudan Swaziland X X X Sweden X X X X Switzerland X X X X X X Taiwan X X X X X X X Tajikistan X Tanzania X X X X X X X Thailand X X X X X X X Trinidad and Tobago X X 6 X X X Turkey X X X X X X X Uganda X X X 7 X X X Ukraine X X X X X X X United Arab Emirates X X X United Kingdom X X X X X X USA X X X X X X X Uruguay X X 8 X X Venezuela X X X X X X Yemen Zambia X X X X Zimbabwe X X X X X X

1 Documented partly, but it includes the main issues. 2 Bank of Israel is in the process of preparing the procedure. 3 b, d, e, f and g are in progress. 4 We have a fully equipped alternative processing site, but it is not functioning as an alternate processing site. 5 Testing process is being perfected. 6 There is a fail-over server at the main processing site. 7 Please note that regarding (d), an alternate processing site is currently being put in place. It will have full time

SWIFT connectivity, dedicated and dial-up communication lines etc., and we shall be able to work from there as and when required.

8 Only tapes.


77


Table II.14 If applicable, what is the targeted performance level for full system recovery?

Minutes Afghanistan Albania 30 Algeria Angola 10 Argentina Armenia In the CBA main building usually 5 minutes, but not more than 30 minutes outside Yerevan approximately 2 hours Australia 15 minutes for component failure, 40 minutes for recovery at the back up site, 60 minutes if relocation of staff is required Austria 60 Azerbaijan 30 1 Bahamas 30 BCEAO 60 Belarus 240 Belgium <120 Belize Bhutan Bolivia Bosnia – Herzegovina 30 Botswana 30 Brazil 30 Bulgaria 30 Cambodia Canada under 120 Cape Verde Chile NA China 360 Colombia 30-120 Costa Rica Croatia Cyprus Czech Republic 60 D. R. of Congo Denmark 240 Dominican Republic ECCB 1440 Egypt El Salvador Estonia 120 Fiji Finland NA France 120 Georgia NA Germany 30 Ghana 20 Greece 120 Guatemala 120 Guyana


78

Minutes Honduras Hong Kong 45 Hungary 120 Iceland India 120 Indonesia 45 Iran Ireland 60 Israel 120 2 Italy 60/120 Jamaica Japan 120 Jordan NA Kazakhstan 120 Kenya 3 Kuwait 120 Kyrgyz Republic no more than 120 Latvia 10-15 Lebanon 20 Lesotho Lithuania 120 Luxembourg 240 Macao Macedonia 240 Madagascar Malaysia 240 Malta 360 Mauritius 30 Mexico NA Moldova 15 Mongolia Morocco 120 Mozambique Myanmar Namibia Nepal 240 Netherlands Netherlands Antilles New Zealand 60 Nicaragua Norway 60 Oman 30 Pakistan Paraguay Peru NA Philippines 120 Poland RTGS1: 240 – RTGS2: 120 Portugal 120 Qatar NA Romania 60 Russia 30


79

Minutes Rwanda San Marino Saudi Arabia 5-10 Serbia NA Singapore 4 Slovak Republic NA Slovenia Solomon Islands South Africa 150 Spain 120 Sri Lanka 120 Sudan Swaziland Sweden 120 Switzerland <120 Taiwan 30 Tajikistan 120 Tanzania 120 Thailand 240 Trinidad and Tobago 60 Turkey 30 Uganda 5 Ukraine 15-120 6 United Arab Emirates NA United Kingdom 45 USA 60 Uruguay NA Venezuela NA Yemen Zambia NA Zimbabwe 120

1 For full recovery in alternate processing site. 2 120 minutes from the time that the decision to move to DR site was accepted. 3 Not yet standardized. 4 For high availability – a couple of seconds. For the activation of the disaster recover site – 1 to 2 hours. 5 As the back up site is still under construction, the targeted time for full system recovery still being discussed.

However, we are looking at between 60 –120 minutes as the time for full system recovery, where operations are shifted to a functional back up site. Otherwise, in the current arrangement, there are two production servers, which are tightly coupled, and closely monitoring each other. Should one fail, the other one takes over almost seamlessly.

6 15 minutes in the main processing site, 120 minutes in the alternated processing site.


80


Table II.15 RTGS access rules and policies

There is an explicit access/exclusion

policy for the system

Access is granted on the basis of

institutional standing

Access granted on the basis of the fulfillment of a set of objective

criteria

Formal rules exist to allow operator to

exclude a participant timely

Afghanistan Albania X X X Algeria X X X X Angola X X X X Argentina X X X X Armenia X X 1 Australia X X X Austria X X X Azerbaijan X X X Bahamas X X X BCEAO X X X X Belarus X X X X Belgium X X X X Belize Bhutan Bolivia X X X Bosnia – Herzegovina X X X Botswana X X X Brazil X X X X Bulgaria X X X Cambodia Canada X X X X Cape Verde Chile X X X X China X X X X Colombia X X X X Costa Rica X X X X Croatia X X X Cyprus Czech Republic X X D. R. of Congo Denmark X X X Dominican Republic ECCB X Egypt El Salvador Estonia X X X Fiji Finland X X X X France X X X Georgia X X Germany X X 2 X X Ghana X X X


81






criteria



Greece X X X X Guatemala X X X X Guyana Honduras Hong Kong X X X Hungary X X X Iceland X X X X India X X X X Indonesia X X X Iran X Ireland X X X X Israel Italy X X 3 Jamaica Japan X X X Jordan X X Kazakhstan X X X Kenya X X X Kuwait X X X X Kyrgyz Republic X X X Latvia X X X Lebanon X X X X Lesotho Lithuania X X X Luxembourg X X X Macao Macedonia X X Madagascar Malaysia X Malta X X X X Mauritius X X X X Mexico X X X 4 X Moldova X X X X Mongolia Morocco X X X Mozambique Myanmar Namibia X X X Nepal Netherlands X X X X Netherlands Antilles X X X X New Zealand X X 5 Nicaragua Norway X X X Oman X X X X Pakistan Paraguay Peru X X


82






criteria



Philippines X X X Poland X X X X Portugal X X X Qatar X X X Romania X X X X Russia X X Rwanda San Marino Saudi Arabia X X X Serbia X X X Singapore X X X Slovak Republic X X X X Slovenia Solomon Islands South Africa X X X X Spain X X Sri Lanka X X X X Sudan Swaziland X X X X Sweden X X X Switzerland X X X X Taiwan X X X Tajikistan X X Tanzania X X X X Thailand X X X X Trinidad and Tobago X X X X Turkey X X X Uganda X X X X Ukraine X X United Arab Emirates X X United Kingdom X X USA X X X Uruguay X Venezuela X X Yemen Zambia X X Zimbabwe X X X X

1 There are no capital requirements, but there are some technical requirements for participants: they must be

connected to CBANet and comply with a number of technical and security requirements. 2 Besides credit institutions established in the EEA and within the meaning of Article 1(1), first sub-item, of

Directive 2000/12/EC of 20 March 2000 also other entities are allowed to have access to the RTGS system. In those cases the following rules apply:

• investment firms as defined in Article 4(1)(1) of Directive 2004/39/EC of 21 April 2004 with the exclusion of the entities mentioned in Article 2(1) of Directive 2004/39/EC, provided that the investment firm in question is entitled to carry out the activities referred to under items 2,3,6 and 7 of Section A of Annex I to Directive 2004/39/EC;

• entities which provide clearing or settlement services and which are subject to oversight by a competent authority;

• central banks of other EU member states whose national RTGS systems are connected or linked to TARGET.

3 Technological capacity. 4 The operator only has criteria for technological capacity.


83

5 Applicants must meet certain criteria, one of which is that the applicant is a “financial institution” as defined.


84


Table II.16 RTGS participants

Participants other than commercial banks have direct

access to the RTGS

Participants other than commercial banks can only hold

settlement-only accounts with no access to Central Bank credit

Some or all of the non-commercial bank participants in

the RTGS have access to Central Bank credit

Afghanistan Albania X Algeria X Angola Argentina X Armenia X 1 X 2 Australia X X Austria X X X Azerbaijan X Bahamas BCEAO X Belarus Belgium X 3 X Belize Bhutan Bolivia X Bosnia - Herzegovina Botswana Brazil X X Bulgaria Cambodia Canada X 4 X Cape Verde Chile China Colombia X X Costa Rica X Croatia X X Cyprus Czech Republic D. R. of Congo Denmark X X Dominican Republic ECCB X X X Egypt El Salvador Estonia X X Fiji Finland X X France X X Georgia X Germany X X 5 Ghana


85


access to the RTGS





Greece X X Guatemala X X X Guyana Honduras Hong Kong Hungary X X Iceland X X X India X 6 X 7 Indonesia X X Iran Ireland X X Israel X Italy X X Jamaica Japan X X Jordan Kazakhstan X Kenya X Kuwait Kyrgyz Republic X Latvia Lebanon Lesotho Lithuania X X Luxembourg Macao Macedonia X X Madagascar Malaysia X X X Malta X X Mauritius Mexico X X Moldova X X Mongolia Morocco X X Mozambique Myanmar Namibia Nepal Netherlands X X Netherlands Antilles New Zealand X Nicaragua Norway Oman X X Pakistan Paraguay Peru X X X


86


access to the RTGS





Philippines X X Poland X X Portugal X 8 Qatar X Romania X X Russia X X Rwanda San Marino Saudi Arabia X Serbia X Singapore X Slovak Republic X X Slovenia Solomon Islands South Africa Spain X X Sri Lanka X X Sudan Swaziland Sweden X X Switzerland X Taiwan X Tajikistan X Tanzania X X Thailand X X X Trinidad and Tobago X Turkey Uganda X X Ukraine X X United Arab Emirates X X United Kingdom USA X X Uruguay X X Venezuela X X Yemen Zambia Zimbabwe X X

1 The direct participants of the Electronic Payments System are the CBA, banks licensed by the CBA, and the

Treasury. 2 The indirect participants of the Electronic Payments System are bank branches and Treasury offices. In 2001,

it was decided to allow the Inter-State Bank—a resident of the Russian Federation—to become a remote direct participant in the Electronic Payments System. This decision allowed improving the efficiency of transfers with CIS countries through Inter-State Bank. From 2001, “Armenian Card” CJSC, too, is a participant in the Electronic Payments System, but it can only hold settlement account.

3 Only the Belgian Post can and has direct access to the RTGS. 4 CDS – as the securities settlement system central counterparty – and CLS Bank have such accounts with the

Bank of Canada, which acts as their settlement agent in LVTS. 5 For those entities intraday credit is limited to the day in question and no extension to overnight credit is allowed. 6 Primary Dealers are also direct members. 7 Collateralized intra-day liquidity support is provided to all RTGS members. 8 The Treasure and some public sector bodies.


87


Table II.17 Is there a specific RTGS Users’ Group in place for the RTGS operator

to better address participants’ needs?

Afghanistan Albania X Algeria Angola X Argentina Armenia 1

Australia X Austria X Azerbaijan Bahamas X BCEAO Belarus X Belgium X Belize Bhutan Bolivia Bosnia - Herzegovina X Botswana X Brazil X Bulgaria Cambodia Canada X Cape Verde Chile X China X Colombia 1 X Costa Rica X Croatia Cyprus Czech Republic D. R. of Congo Denmark Dominican Republic ECCB Egypt El Salvador Estonia X Fiji Finland X France X Georgia Germany X Ghana X Greece X


88

Guatemala Guyana Honduras Hong Kong Hungary X Iceland India X Indonesia X Iran Ireland X Israel X Italy X Jamaica Japan Jordan Kazakhstan X Kenya X Kuwait X Kyrgyz Republic Latvia X Lebanon X Lesotho Lithuania Luxembourg X Macao Macedonia Madagascar Malaysia X Malta X Mauritius Mexico X Moldova X Mongolia Morocco X Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles X New Zealand X Nicaragua Norway Oman Pakistan Paraguay Peru Philippines Poland


89

Portugal X Qatar Romania X Russia X Rwanda San Marino Saudi Arabia X Serbia X Singapore X Slovak Republic Slovenia Solomon Islands South Africa X Spain X Sri Lanka X Sudan Swaziland X Sweden X Switzerland X Taiwan Tajikistan X Tanzania X Thailand X Trinidad and Tobago X Turkey X Uganda Ukraine United Arab Emirates United Kingdom X USA X Uruguay Venezuela Yemen Zambia X Zimbabwe X

1 There is no specific RTGS Users’ Group, but all the changes are discussed with participants within Banking

Association. 2 Payment System’s Committee created in 2005.


90

RETAIL PAYMENT SYSTEMS

Table III.1/a Number of ATMs and POS

ATMs POS

2006

2006 (per 1 mln inhabitant)

2004 2002 2006 2006

(per 1 mln inhabitant)

2004 2002

Afghanistan 10 0 Nav nav nap nap Nap nap Albania 335 107 93 nav 1,183 377 155 nav Algeria 376 11 297 252 nav nav Nav nav Angola 325 20 85 31 339 21 10 0 Argentina 8,166 209 6,124 5,667 nav nav Nav nav Armenia1 180 60 71 22 1,326 441 629 170 Australia2 24,805 1,209 21,731 17,183 555,611 27,075 477,790 418,222 Austria 7,987 969 7,974 7,028 99,106 12,027 86,690 68,939 Azerbaijan3 1,073 127 769 nav 2,053 242 1890 nav Bahamas 83 254 78 80 nav nav nav nav BCEAO nav nav Nav 188 3,000 34 2,000 1,020 Belarus4 1,542 159 887 319 12,716 1,309 6,488 2,247 Belgium 13,944 1,341 13211 11,676 115,231 11,080 108,284 135,743 Belize 50 168 nav nav 2,228 7,496 nav nav Bhutan 2 3 2 0 0 0 0 0 Bolivia 562 60 507 418 1,520 163 1,570 2,218 Bosnia – Herzegovina 538 138 nav nav 11,448 2,929 nav nav Botswana 184 102 166 123 2,316 1,287 1,621 1,339 Brazil5 170,311 903 139,457 129,913 1,916,000 10,154 1,187,000 628,000 Bulgaria 2,360 307 1,753 829 20,906 2,715 6,837 2,554 Cambodia 102 7 nav nav nav nav nav nav Canada 57,000 1,727 48,000 40,000 592,000 17,939 546,000 495,000 Cape Verde 61 118 37 31 386 745 154 155 Chile 5,175 315 4,001 3,673 nav nav nav nav


91

ATMs POS

2006


2004 2002 2006 2006


2004 2002

China 102,000 78 nav nav 818,000 622 nav nav Colombia 6,766 149 5,888 5,431 77,256 1,696 55,000 54,000 Costa Rica6 nav nav nav 550 13,588 3,097 nav nav Croatia7 2,641 595 nav nav 55,272 12,455 nav nav Cyprus8 444 580 415 355 21,278 27,797 20,531 11,055 Czech Republic 3,156 309 2,744 2,254 61,820 6,050 44,404 25,358 DR of Congo 4 0 nav nav 20 0 nav nav Denmark9 3,092 570 2,943 2,822 123,564 22,762 123,564 127,423 Dominican Republic 1,552 161 1,318 1,323 28,283 2,942 29,280 19,449 ECCU 178 304 156 nav 4,124 7,050 3,575 nav Egypt10 2,000 27 1,418 1,098 26,000 345 24,202 14,000 El Salvador 934 134 780 816 6,908 988 6,000 nav Estonia 918 685 779 719 14,665 10,936 11,113 7,353 Fiji 122 143 107 85 1,202 1,408 956 1,042 Finland 1,669 318 1,729 2,110 105,000 19,981 96,000 79,000 France 47,827 784 43,714 38,975 1,095,000 17,940 1,060,000 956,000 Georgia 468 105 70 24 1,898 428 200 nav Germany 53,887 654 52,595 50,487 578,420 7,019 520,020 460,609 Ghana 145 6 85 60 nav nav nav nav Greece11 6,739 606 5,864 5,078 463,494 41,707 454,476 350,554 Guatemala12 812 63 774 655 8,812 683 7,781 nav Guyana13 nav nav nav 30 nav nav nav 292 Honduras nav nav nav nav nav nav nav nav Hong Kong 1,984 283 1,959 2,018 32,121 4,582 28,142 26,172 Hungary14 3,810 379 3296 2742 45,827 4,557 43713 37683 Iceland nav nav 242 233 nav nav nav nav India 20,000 18 280,000 252 nav nav Indonesia 16,878 76 12,725 9,752 185,533 832 nav nav Iran 6,800 98 nav nav 127,000 1,837 nav nav


92

ATMs POS

2006


2004 2002 2006 2006


2004 2002

Ireland 3,306 806 2932 1412 50,000 12,195 50000 50000 Israel nav nav nav nav nav nav nav nav Italy 44,000 751 40,000 40,000 1,117,000 19,071 1,008,000 848,000 Jamaica 372 140 302 nav 13,609 5,109 10,484 nav Japan15 136,510 1,070 136,510 140,150 1,242,670 9,742 1,242,670 1,063,070 Jordan nav nav nav nav nav nav nav nav Kazakhstan16 2,267 148 1,124 702 12,150 794 5,822 5,285 Kenya 734 21 324 174 2,334 66 1,180 1,080 Kuwait 715 275 491 383 13,508 5,196 8,833 6914 Kyrgyz Republic17 47 9 9 1 518 100 293 186 Latvia18 952 416 875 842 16,256 7,109 11,893 8,326 Lebanon19 1,006 248 881 686 12,062 2,975 9,723 6,606 Lesotho 51 29 36 22 nav nav nav nav Lithuania 1,146 337 1,012 889 20,787 6,119 13,556 10,340 Luxembourg 435 941 397 375 8,683 18,793 7,836 7,197 Macao 271 585 212 191 nav nav nav nav Macedonia 297 146 nav nav 9,546 4,684 nav nav Madagascar 55 3 nav nav 600 31 nav nav Malaysia20 6,056 235 4,981 4,213 156,161 6,061 17,535 1,133 Malta21 154 380 151 138 9,095 22,457 8,034 6,575 Mauritius 326 260 283 251 5,341 4,261 4,250 3,573 Mexico 25,655 246 20,416 17,011 286,691 2,751 160,289 129,971 Moldova 182 47 nav nav 1,125 293 nav nav Mongolia 45 15 nav 1,725 585 nav nav Morocco22 2,761 91 1,727 1,179 15,000 492 nav nav Mozambique 377 19 nav nav 3,440 171 nav nav Myanmar neg nav neg neg neg nav neg neg Namibia nav nav nav nav nav nav nav nav Nepal 145 5 23 9 nav nav nav nav


93

ATMs POS

2006


2004 2002 2006 2006


2004 2002

Netherlands 8,114 496 7,889 7,530 214,474 13,101 197,996 177,168 Netherlands Antilles 155 665 nav nav 270 1,159 nav nav New Zealand 2,321 563 2,019 1,889 125,000 30,300 118,000 95,000 Nicaragua 205 39 112 103 nav nav nav nav Norway 2113 455 2180 2188 97,767 21,054 92,206 80,106 Oman 537 205 nav nav nav nav nav nav Pakistan 1,948 12 786 nav 38,460 242 nav nav Paraguay23 nav nav 230 221 4,245 706 4,245 3,650 Peru 2,614 92 1,983 1,300 nav nav nav nav Philippines 6,867 81 5,469 4,228 52,000 615 nav 34,227 Poland 9,938 261 8,054 7,145 176,475 4,630 143,230 112,021 Portugal 16,017 1,513 12,627 11,117 171,367 16,182 137,123 113,654 Qatar 432 522 299 231 nav nav nav nav Romania 6,013 279 3,290 2,047 52,724 2,448 17,500 5,753 Russia 39,266 276 19,727 9,045 171,481 1,204 101,389 45,373 Rwanda 30 3 11 11 129 14 111 111 San Marino 47 1,643 43 nav 1,767 61,783 1,652 nav Saudi Arabia 6,079 257 4,054 3,120 52,784 2,229 35,521 24,291 Serbia 1,348 181 450 neg 48,194 6,479 16,266 neg Singapore24 1,777 404 1,609 1,547 26802 6,101 26,802 23,460 Slovak Republic 2,009 373 1,700 1,366 24,155 4,486 19,644 15,871 Slovenia 1,522 762 1,389 1,095 29,234 14,635 34,770 29,452 Solomon Islands 12 25 4 2 96 196 69 46 South Africa 35,200 743 13,200 nav 655,000 13,821 525,000 nav Spain 58,454 1,342 55,399 49,876 1,385,839 31,824 1,055,103 892,952 Sri Lanka 1,155 58 833 636 8,753 443 6,542 4,256 Sudan 127 3 neg neg 75 2 neg neg Swaziland 94 83 47 43 nav nav nav nav Sweden25 2,800 310 2,701 2,647 176,637 19,527 161,098 142,021


94

ATMs POS

2006


2004 2002 2006 2006


2004 2002

Switzerland26 nav nav 5,382 5,187 88,055 11,833 88,055 80,655 Taiwan 24,781 1,089 21,449 16,787 157,249 6,908 152,478 111,147 Tajikistan 56 8 14 2 29 4 4 0 Tanzania 125 3 61 nav 1,600 41 nav nav Thailand 21,988 340 10,602 7,885 208,942 3,228 84,000 61,000 Trinidad and Tobago27 300 229 310 301 8,000 6,113 8,101 7,961 Turkey 16,511 226 13,544 12,069 1,300,000 17,824 900,000 500,000 Uganda 280 9 nav nav 500 17 nav nav Ukraine 14,718 316 8,104 2,618 62,045 1,332 33,411 21,714 United Arab Emirates 1,603 346 nav nav 29,770 6,421 nav nav United Kingdom 60,468 1,002 54,412 40,825 631,008 10,454 571,955 487,219 United States 395,000 1,317 383,000 352,000 5,183,000 17,277 4,900,000 3,500,000 Uruguay nav nav nav nav 37,060 10,900 nav nav Venezuela28 5,391 200 4,498 4,302 133,009 4,922 82,765 66,513 Yemen29 163 8 56 8 1,555 72 200 nav Zambia 133 11 nav nav 342 29 nav nav Zimbabwe 516 39 342 409 1,551 119 1,788 1,991

Note: see footnotes and comments after Table III.3.1b.


95


Table III.1/b Number of Debit and Credit Cards

Debit Cards Credit Cards

2006

2006 (per 1000

inhabitants) 2004 2002 2006

2006 (per 1000

inhabitants) 2004 2002

Afghanistan nap nap nap nap nap nap nap nap Albania 343,711 110 33,288 nav 9,754 3.1 806 nav Algeria nav nav nav nav nav nav nav nav Angola 164,015 10 57,762 133 0 nav 0 0 Argentina 13,342,600 341 11,935,100 12,231,900 13,392,900 342.4 8,312,200 8,760,000 Armenia 209,113 70 108,865 22,412 cwdc nav cwdc cwdc Australia 29,929,973 1,459 27,283,983 25,261,240 17,634,370 859.3 15,296,030 14,297,174 Austria 7,000,000 850 6,600,000 8,000,000 8,800,000 1,068.0 nav nav Azerbaijan 1,542,000 182 790,000 nav cwdc nav cwdc cwdc Bahamas nav nav nav nav 111,116 339.8 101053 nav BCEAO 250,000 3 125,000 110,000 0 0.0 0 0 Belarus 3,882,511 400 2,197,397 496,787 cwdc nav cwdc cwdc Belgium 13,181,271 1,267 12,551,000 11,863,000 3423910 329.2 3,176,000 3,039,000 Belize 67,074 226 nav nav 14,352 48.3 nav nav Bhutan 0 0 0 0 172 0.3 58 0 Bolivia nav nav 482,869 396,381 nav nav 76,928 116,834 Bosnia - Herzegovina 855,393 219 nav nav 176,054 45.0 nav nav Botswana 265,000 147 272,000 246,000 70,000 39 14,000 11,000 Brazil 187,000,000 991 149,000,000 114,000,000 79,000,000 418.7 53,000,000 40,000,000 Bulgaria 4,833,449 628 5,017,419 1,596,056 131,643 17.1 56,050 18,049 Cambodia 10,652 1 nav nav 6,230 0.4 nav nav Canada nav nav nav nav 61,769,000 1,871.8 56,536,000 52,000,000 Cape Verde 82,412 159 54,016 45,870 1,772 3.4 0 0 Chile 7,416,599 451 4,650,232 3,046,222 4,069,551 247.4 2,701,294 2,666,654


96


2006

2006 (per 1000


2006 (per 1000


China 1,081,350,000 822 nav nav cwdc nav nav nav Colombia 12,800,000 281 10,200,000 8,180,000 4,500,000 98.8 2,200,000 2,800,000 Costa Rica nav nav nav nav nav nav nav nav Croatia 5,651,364 1,273 nav nav 1,667,250 375.7 nav nav Cyprus 379,571 496 350,364 267,231 363,144 474.4 349,181 299,799 Czech Republic 6,824,413 668 6,713,956 5,658,300 1,356,841 132.8 402,353 113,200 DR of Congo nav Nav nav nav nav nav nav nav Denmark 4,218,739 777 3,609,651 3,290,000 1,021,356 188.1 789,933 541,000 Dominican Republic nav nav nav nav nav nav nav nav ECCU 63,097 108 5,943 nav 68364 116.9 65,980 nav Egypt 2,800,000 37 2,060,098 nav 1,000,000 13.3 759,765 nav El Salvador 721,956 103 474,107 nav 175,628 25.1 437,621 nav Estonia 1,272,395 949 1,071,021 964,483 344,202 256.7 232,557 155,091 Fiji nav nav nav nav nav nav nav nav Finland 4,948,000 942 4,474,000 3,879,000 7,132,000 1,357.2 5,395,000 4,590,000 France 51,200,000 839 49,112,000 45,404,109 28,100,000 460.4 26,100,000 nav Georgia 910,893 205 110,171 23,470 11,501 2.6 24 0 Germany 88,118,490 1,069 88,501,790 93,657,520 17,960,340 217.9 20,431,930 19,693,610 Ghana nav nav nav nav 0 0.0 0 0 Greece 6,746,268 607 5,339,416 5,274,603 6,360,581 572.4 5,718,424 5,463,395 Guatemala nav nav 3,006,917 1,815,030 nav nav 1638369 1,286,028 Guyana nav nav nav 117,070 nav nav nav 0 Honduras nav nav nav nav nav 214.8 nav nav Hong Kong nav nav nav nav nav nav nav nav Hungary 6,642,571 661 6,029,979 5,025,386 1,580,024 157.1 524017 646857 Iceland 424,012 1,418 352,098 331,141 300,363 1,004.7 233,969 203,042 India 74,980,000 68 nav nav 23,120,000 20.8 nav nav Indonesia 30,600,000 137 25,100,000 22,400,000 8,300,000 37 5,500,000 4,100,000 Iran 20,000,000 289 nav nav 0 0.0 0 0


97


2006

2006 (per 1000


2006 (per 1000


Ireland 1,623,000 395 1,293,046 1,044,000 2163000 526.4 2,002,000 1,870,000 Israel nav nav nav nav nav nav nav nav Italy 37,000,000 632 31,000,000 28,000,000 31,000,000 529.3 27,000,000 22,000,000 Jamaica 1,286,491 483 1,083,012 nav 229,389 86.1 223,410 nav Japan 390,000,000 3,057 390000000 360000000 273,380,000 2,143 273380000 254000000 Jordan nav nav nav nav nav nav nav nav Kazakhstan 4,100,808 268 2,359,333 1,495,899 cwdc nav cwdc cwdc Kenya 750,085 21 356,989 202,018 73,238 2.1 59,164 18,215 Kuwait 2,127,566 818 1,742,866 nav 535,082 205.8 306,757 nav Kyrgyz Republic 33,688 6 13,536 3,069 cwdc nav cwdc cwdc Latvia 988,663 432 672,638 404,546 233,432 102.1 66,813 9,492 Lebanon 850,266 210 682,265 429,422 451,919 111.4 355,005 182,407 Lesotho nav nav nav nav 0 0.0 0 0 Lithuania 3,218,266 947 2,452,494 1,427,702 244,506 72.0 85,589 36,276 Luxembourg 435,927 943 394,980 391,500 558,957 1,209.8 333,076 329,100 Macao nav nav nav nav 302,906 654.1 nav nav Macedonia 221,617 109 nav nav 106,458 52.2 nav nav Madagascar 60,000 3 nav nav 0 0.0 nav nav Malaysia 18,600,000 722 10,200,000 nav 8,800,000 341.5 6,600,000 4,400,000 Malta 344,652 851 314,018 274,400 120,534 297.6 108,490 98,390 Mauritius 782,760 624 680,600 259,600 196,457 156.7 176,562 159,674 Mexico 35,897,214 344 31,788,759 32,383,132 20,417,391 195.9 11,649,617 7,822,364 Moldova 557,984 145 338,511 147,000 21,068 5.5 1,764 1,088 Mongolia nav nav nav nav nav nav nav nav Morocco 2,577,925 85 1,527,529 1,195,515 cwcc nav cwcc cwcc Mozambique 968,862 48 nav nav 47,554 2.4 nav nav Myanmar neg nav neg neg neg nav neg neg Namibia nav nav nav nav nav nav nav nav Nepal nav nav nav nav nnav nav nav nav


98


2006

2006 (per 1000


2006 (per 1000


Netherlands 25,479,000 1,556 22,000,000 21,600,000 5,958,571 364.0 5,800,000 5,100,000 Netherlands Antilles nav nav nav nav nav nav nav nav New Zealand 5,100,000 1,236 4,700,000 4,700,000 2,500,000 606.0 2,400,000 2,700,000 Nicaragua nav nav nav nav 561,023 106.9 nav nav Norway 10,138,000 2,183 9,326,000 8,212,000 3,553,000 765.1 2,502,000 1,925,000 Oman nav nav nav nav nav nav nav nav Pakistan 3,483,000 22 nav nav 1,973,000 12.4 808,000 nav Paraguay nav nav nav nav nav nav nav nav Peru 7,919,695 279 5,216,304 3,136,462 4,664,393 164.4 3,294,741 1,439,025 Philippines nav nav nav 17,700,000 5,560,000 65.7 nav 3,600,000 Poland 16,943,727 445 14,282,900 15,080,287 6,354,172 166.7 1,996,263 807,531 Portugal 10,700,000 1,010 10,900,000 11,000,000 6,900,000 651.6 5,300,000 3,600,000 Qatar nav nav nav nav nav nav nav nav Romania 7,862,583 365 5,485,679 3,260,366 1,248,982 58.0 307,962 237,203 Russia 68,922,200 484 33,837,400 15,407,800 5,659,600 39.8 1,319,400 84,200 Rwanda 12,000 1 11096 7500 0 0 0 0 San Marino 29,440 1,029 26,869 nav 14,241 497.9 8,161 nav Saudi Arabia 9,970,000 421 6,440,000 5,620,000 0 0.0 0 0 Serbia 4,328,534 582 2,109,086 neg 857,608 115.3 28,224 neg Singapore nav nav 6,200,000 5,913,000 5,090,000 1,158.6 3,933,000 3,223,000 Slovak Republic 3,364,304 625 2,870,250 2,162,208 1,111,557 206.4 684,271 251,600 Slovenia 2,412,485 1,208 2,310,190 1,707,668 1,207,052 604.3 1,011,236 847,450 Solomon Islands nav nav nav nav nav nav nav nav South Africa 26,291,317 555 15,125,000 nav 6,792,193 143.3 5,004,000 nav Spain 31,580,000 725 32,760,000 32,670,000 38,490,000 883.9 28,960,000 20,950,000 Sri Lanka 2,871,976 145 1,752,177 1,214,000 810,179 41.0 508,917 326,675 Sudan 104,168 3 neg neg neg nav neg neg Swaziland nav nav nav nav nav nav nav nav Sweden 6,825,000 754 6,331,000 4,894,000 3,624,000 400.6 3,080,000 2,584,000


99


2006

2006 (per 1000


2006 (per 1000


Switzerland nav nav 6,021,000 5,798,000 nav nav 3,391,000 3,333,000 Taiwan nav nav nav nav 38,324,000 1,683.5 44,182,000 31,591,000 Tajikistan 13,675 2 nav nav 0 0.0 0 0 Tanzania 199,024 5 nav nav 13,374 0.3 nav nav Thailand 13,952,784 216 8,425,023 nav 10,900,566 168.4 8,648,100 5,633,363 Trinidad and Tobago 548,000 419 501,544 405,505 189,691 144.9 178,624 152,970 Turkey 53,500,000 734 43,100,000 35,100,000 32,400,000 444.2 26,700,000 15,700,000 Uganda 1,500,000 50 nav nav 500 0.0 nav nav Ukraine 26,396,261 567 17,079,751 6,149,959 6,078,108 130.5 nav nav United Arab Emirates 3,098,099 668 nav nav 2,301,396 496.4 nav nav United Kingdom 68,348,000 1,132 65,544,000 59,419,000 69,521,000 1,151.8 69,888,000 58,794,000 United States 271,000,000 903 267,000,000 249,000,000 1,318,000,000 4,393 1,246,000,000 1,257,000,000 Uruguay nav nav nav nav 677,357 199 nav nav Venezuela neg nav neg neg 4,003,044 148.1 3,065,670 2,576,792 Yemen 174,742 8 46,654 nav Cwdc nav cwdc cwdc Zambia 356,822 30 nav nav 0 0.0 0 0 Zimbabwe 1,770,264 135 nav nav 10,416 0.8 nav nav

NOTE: cwdc means “counted together with debit cards”. 1 Figure for debit cards includes both debit and credit cards. 2 Total number of ATMs and POS terminals are given as averages over the year. Total number of credit cards includes charge cards. 3 Total number of debit and credit cards is 1.542 4 Figure for debit cards includes both debit and credit cards. 5 Figures for 2006 are estimates. 6 Figures for POS terminals are a WB estimate on the basis of 2004 figures provided by the Bankers' Association. 7 Figure for credit cards also includes revolving cards, delayed debit cards, and charge cards. 8 All figures for 2006 are actually from end-2005. 9 Figures for POS terminals for 2006 are actually from 2004. 10 Figure for 2006 is actually from end-2005. 11 Figure for credit cards also includes delayed debit cards. 12 Figure for 2004 is actually end-2003. Other figures taken from CEMLA and other sources. 13 Figure for 2002 is actually from end-2000.


100

14 Figure for credit cards also includes charge cards. Starting 2004, credit cards linked to a credit line without an interest-free period are classified as debit cards. 15 Figures for 2006 are actually from 2004: ATMs and credit cards as of March; POS terminals and debit cards as of October. Terminals with debit and credit functions are counted twice. Figure for credit cards Includes cards with a delayed debit function. 16 Credit and debit cards are counted together. 17 Credit and debit cards are counted together. 18 Figure for debit cards includes debit cards with overdraft facility. 19 Total number of credit cards includes charge cards. 20 2006 figures for POS terminals include credit card, domestic e-debit, Touch n’ Go and MEPS cash, and are not comparable with previous years. 21 ATM figure 2006 is actually from end-2005. 22 Credit and debit cards are counted together. Data for POS terminals was obtained from previous WB work. 23 Figures for 2006 are from end-2003, taking CEMLA as a source. 24 Figure for POS terminals for 2006 is actually from end-2004. 25 All data for 2006 is actually end-2005. 26 Figure for POS terminals for 2006 is actually from end-2004. 27 Figure for debit cards for 2006 is an estimate. Figures for credit cards reflect number of credit card accounts. 28 Figures for 2006 for ATMs and POS are as of end-2005. 29 Debit cards and credit cards are counted together.


101


Table III.1/c Number of transactions with various Retail Payment Instruments for year 2006

2006

Cheques Direct credits Direct debits Debit cards Credit cards

Number Per capita Number Per capita Number Per capita Number Per capita Number Per capita Afghanistan 11,805,000 0.4 0 0.0 0 0.0 0 0.0 0 0.0 Albania1 994,000 0.3 49,000 0.0 nav nav 12,000,000 3.8 nav Cwcc Algeria 5,150,000 0.2 610,000 0.0 nav nav nav nav nav Nav Angola 301,170 0.0 43,637 0.0 0 0.0 307,059 0.0 0 0.0 Argentina 89,424,000 2.3 6,593,000 0.2 19,452,000 0.5 nav Nap nav Nav Armenia2 8,931 0.0 2,401,080 0.8 5,318 0.0 3,029,563 1.0 nav Cwcc Australia 448,233,291 21.8 1,289,031,682 62.8 513,556,707 25.0 1,328,472,666 64.7 1,311,118,128 63.9 Austria 6,000,000 0.7 907,000,000 110.1 682,000,000 82.8 229,960,000 27.9 30,200,000 3.7 Azerbaijan 0 0.0 843,000 0.1 2,700 0.0 5,805,000 0.7 233,000 0.0 Bahamas 3,982,332 12.2 nav nav nav nav nav nav nav Nav BCEAO 2,915,457 0.0 18,440 0.0 246 0.0 nav nav 0 0.0 Belarus3 0 0.0 39,425,100 4.1 0 0.0 62,000,000 6.4 nav Cwcc Belgium 13,400,000 1.3 841,000,000 80.9 231,320,000 22.2 710,360,000 68.3 87,020,000 8.4 Belize 2,230,988 7.5 nav nav nav nav nav nap nav Nap Bhutan nav nav nav nav nav nav nav nav 2,950 0.0 Bolivia4 1,504,700 0.2 nav nav nav nav 1,225,000 0.1 1,530,000 0.2 Bosnia-Herzegovina 0 0.0 0 0.0 0 0.0 12,167,446 3.1 4,119,582 1.1 Botswana 806,000 0.4 236,000 0.1 51,000 0.0 194,000 0.1 31,000 0.0 Brazil5 1,707,000,000 9.0 1,197,000,000 6.3 1,014,000,000 5.4 1,600,000,000 8.5 2,000,000,000 10.6 Bulgaria6 0 0.0 50,104,457 6.5 1,196,718 0.2 92,665,193 12.0 nav cwcc Cambodia 260,327 0.0 0 0.0 0 0.0 nav nav nav nav Canada 1,325,000,000 40.2 940,000,000 28.5 662,000,000 20.1 3,293,000,000 99.8 2,164,000,000 65.6 Cape Verde 1,598,741 3.1 0 0.0 0 0.0 2,133,643 4.1 92,734 0.2 Chile 257,540,000 15.7 nav nav nav nav 66,975,000 4.1 59,754,000 3.6 China 1,166,270,000 0.9 631,620,000 0.5 159,670,000 0.1 19,015,310,000 14.5 cwdc nav Colombia 78,700,000 1.7 27,500,000 0.6 nav nav 78,400,000 1.7 70,200,000 1.5 Costa Rica 10,016,035 2.3 6,015,487 1.4 2,076,300 0.5 nav nav nav nav Croatia 6,016,987 1.4 147,763,504 33.3 81,565,391 18.4 126,192,104 28.4 77,457,921 17.5 Cyprus7 25,350,000 33.1 9,510,000 12.4 9,460,000 12.4 8,210,000 10.7 11,340,000 14.8 Czech Republic8 430,000 0.0 410,010,000 40.1 269,720,000 26.4 85,630,000 8.4 7,750,000 0.8


102

2006


Number Per capita Number Per capita Number Per capita Number Per capita Number Per capita DR of Congo 360,000 0.0 84,000 0.0 nav nav nav nav nav nav Denmark 19,400,000 3.6 266,290,000 49.1 175,330,000 32.3 722,310,000 133.1 49,390,000 9.1 Dominican Rep.9 140,866,000 14.7 473,895 0.0 0 0.0 9,314,258 1.0 32,059,588 3.3 ECCU 10,520,058 17.5 2,141,469 3.6 333,351 0.6 222,355 0.4 1,045,097 1.7 Egypt 9,322,000 0.1 0 0.0 0 0.0 nav nav nav nav El Salvador 26,287,000 3.8 nav nav nav nav 10,563,000 1.5 7,471,000 1.1 Estonia 14,322 0.0 78,395,107 58.5 14,337,010 10.7 99,444,683 74.2 7,310,052 5.5 Fiji 3,284,000 3.8 nav nav nav nav nav nav nav nav Finland 600,000 0.1 732,000,000 139.3 79,000,000 15.0 807,000,000 153.6 159,000,000 30.3 France10 3,916,260,000 64.2 2,408,440,000 39.5 2,512,760,000 41.2 5,243,830,000 85.9 nav cwcc Georgia 0 0.0 nav nav 0 0.0 7,894,843 1.8 261,950 0.1 Germany11 107,500,000 1.3 6,713,100,000 81.5 6662100000 80.8 2,372,100,000 28.8 nav cwcc Ghana 4,967,638 0.2 0 0.0 0 0.0 0 0.0 0 0.0 Greece12 27,830,000 2.5 29,280,000 2.6 16,350,000 1.5 5,430,000 0.5 66,240,000 6.0 Guatemala 29,900,000 2.3 nav nav nav nav 9,200,000 0.7 1,500,000 0.1 Guyana13 3,200,000 4.3 140,377 0.2 0 0.0 115,836 0.2 nav nav Honduras nav nav nav nav nav nap nav nav nav nav Hong Kong14 131,700,000 18.8 21,700,000 3.1 35,200,000 5.0 31,500,000 4.5 nav nav Hungary 0 0.0 nav nav nav nav 94,700,000 9.4 15,500,000 1.5 Iceland 732,000 2.4 nav nav nav nav 59,479,000 198.9 43,593,000 145.8 India 1,367,280,000 1.2 77,670,000 0.1 75,200,000 0.1 60,170,000 0.1 169,530,000 0.2 Indonesia15 2,400,000 0.0 29,000,000 0.1 nav nav 161,600,000 0.7 108,400,000 0.5 Iran16 nav nav nav nav nav nav 300,000,000 4.3 0 0.0 Ireland17 66,000,000 16.1 75,000,000 18.3 60,000,000 14.6 99,000,000 24.1 83,000,000 20.2 Israel 775,695,000 110.2 88,791,000 12.6 141,006,000 20.0 514,693,000 73.1 nav nav Italy 453,000,000 7.7 1,070,000,000 18.3 815,000,000 13.9 771,000,000 13.2 475,000,000 8.1 Jamaica 23,404,028 8.8 nav nav nav nav 32,734,273 12.3 7,054,301 2.6 Japan18 134,240,000 1.1 1,361,640,000 10.7 nav nav 10,920,000 0.1 3,050,230,000 23.9 Jordan 10,931,900 2.0 nav nav nav nav nav nav nav nav Kazakhstan19 100,000 0.0 30,900,000 2.0 7,800,000 0.5 66,800,000 4.4 nav cwcc Kenya20 15,000,000 0.4 14,513,000 0.4 5,032,000 0.1 nav nav nav nav Kuwait 2,000,000 0.8 nav nav nav nav 64,850,228 24.9 10,311,037 4.0 Kyrgyz Republic21 0 0.0 1,749,800 0.3 0 0.0 717,200 0.1 nav cwcc Latvia 33,000 0.0 107,000,000 46.8 3,702,000 1.6 51,919,000 22.7 5,338,000 2.3 Lebanon22 9,988,000 2.5 nav nav nav nav 24,739,000 6.1 nav cwcc


103

2006


Number Per capita Number Per capita Number Per capita Number Per capita Number Per capita Lesotho 586,982 0.3 nav nav nav nav nav nav nav nav Lithuania 310,000 0.1 82,050,000 24.2 6,070,000 1.8 64,630,000 19.0 3,920,000 1.2 Luxembourg23 360,000 0.8 51,130,000 110.7 10,690,000 23.1 25,010,000 54.1 15,770,000 34.1 Macao 1,827,700 3.9 nav nap nav nav nav nav nav nav Macedonia24 6,164,258 3.0 19,507,389 9.6 6,592,978 3.2 2,109,733 1.0 1,950,289 1.0 Madagascar 1,945,730 0.1 nav nap nav nap nav nav nav nav Malaysia25 201,200,000 7.8 18,700,000 0.7 0 0.0 2,700,000 0.1 208,800,000 8.1 Malta 12,180,000 30.1 3,770,000 9.3 600,000 1.5 3,480,000 8.6 1,850,000 4.6 Mauritius26 7,307,000 5.8 5,256,000 4.2 3,602,000 2.9 7,670,000 6.1 nav cwcc Mexico 536,000,000 5.1 324,000,000 3.1 35,000,000 0.3 278,000,000 2.7 265,000,000 2.5 Moldova27 0 0.0 414,516 0.1 nav nav 8,293,331 2.2 284,754 0.1 Mongolia nav nav nav nav nav nav nav nav nav nav Morocco 22,236,725 0.7 nav nav nav nav 4,669,041 0.2 nav nav Mozambique 6,223,187 0.3 nav nav nav nav 22,131,211 1.1 1,203,333 0.1 Myanmar28 320,881,000 6.3 8,588,000 0.2 nav nav nav nav nav nav Namibia 5,489,961 2.7 nav nav nav nav nav nav nav nav Nepal nav nav nav nav nav nav nav nav nav nav Netherlands 0 0.0 1,370,000,000 83.7 1,139,000,000 69.6 1,451,000,000 88.6 70,000,000 4.3 Netherlands Ant nav nav nav nav nav nav nav nav nav nav New Zealand29 171,700,000 41.6 326,100,000 79.0 94,900,000 23.0 857,000,000 207.7 nav cwcc Nicaragua 2,949,088 0.6 nav nav nav nav nav nav nav nav Norway 700,000 0.2 221,200,000 47.6 41,800,000 9.0 904,200,000 194.7 60,900,000 13.1 Oman30 1,873,446 0.7 nav nav nav nav nav nav nav nav Pakistan 287,530,000 1.8 nav nav nav nav 45,936,000 0.3 16,841,000 0.1 Paraguay31 21,000,000 3.5 nav nav nav nav nav nav nav nav Peru 8,110,522 0.3 802,423 0.0 nav nav 23,649,369 0.8 57,556,495 2.0 Philippines32 176,000,000 2.1 nav nav nav nav nav nav 180,000,000 2.1 Poland 800,000 0.0 917,630,000 24.1 14,540,000 0.4 234,270,000 6.1 102,030,000 2.7 Portugal33 230,600,000 21.8 76,000,000 7.2 144,600,000 13.7 666,000,000 62.9 286,400,000 27.0 Qatar 2,758,419 3.3 nav nav nav nav nav nav nav nav Romania34 10,720,000 0.5 nav nav 141,470,000 6.6 53,060,000 2.5 1,540,000 0.1 Russia35 600,000 0.0 nav nav 0 0.0 204,700,000 1.4 8,500,000 0.1 Rwanda36 164,183 0.0 0 0.0 0 0.0 3,258 0.0 0 0.0 San Marino 518,000 18.1 197,000 6.9 584,000 20.4 786,000 27.5 485,000 17.0 Saudi Arabia37 6,191,433 0.3 16,629,414 0.7 493,249 0.0 83,131,750 3.5 0 0.0


104

2006


Number Per capita Number Per capita Number Per capita Number Per capita Number Per capita Serbia 9,600,000 1.3 317,400,000 42.7 nav nav 39,300,000 5.3 10,000,000 1.3 Singapore38 85,700,985 19.5 24,119,622 5.5 53,677,703 12.2 121,480,000 27.7 nav nap Slovak Republic 100,000 0.0 205,000,000 38.1 41,000,000 7.6 39,000,000 7.2 4,600,000 0.9 Slovenia 921,000 0.5 53,676,152 26.9 68,374,000 34.2 55,182,000 27.6 65,987,000 33.0 Solomon Islands nav nav nav nav nav nav nav nav nav nav South Africa 97,234,535 2.1 302,385,839 6.4 269,780,315 5.7 112,083,365 2.4 115,390,288 2.4 Spain39 104,455,886 2.4 304,652,397 7.0 899,614,852 20.7 807,000,000 18.5 820,000,000 18.8 Sri Lanka 44,343,247 2.2 4,128,431 0.2 36,626 0.0 516,000 0.0 16,392,000 0.8 Sudan nav nav nav nav nav nav 998,060 0.0 nav nav Swaziland 859,738 0.8 111,889 0.1 76,783 0.1 nav nav nav nav Sweden 900,000 0.1 511,000,000 56.5 160,000,000 17.7 877,000,000 97.0 184,000,000 20.3 Switzerland40 2,700,000 0.4 585,900,000 78.7 51,500,000 6.9 259,500,000 34.9 102,600,000 13.8 Taiwan41 149,200,000 6.6 22,656,000 1.0 15,727,000 0.7 nav nav 483,131,000 21.2 Tajikistan 0 0.0 0 0.0 0 0.0 235,300 0.0 0 0.0 Tanzania 1,521,870 0.0 nav nav nav nav 2,201,561 0.1 81,586 0.0 Thailand42 84,093,000 1.3 122,803,000 1.9 53,277,000 0.8 6,738,000 0.1 253,243,000 3.9 Trinidad - Tobago43 14,330,000 10.9 189,887 0.1 544 0.0 11,740,000 9.0 3,900,000 3.0 Turkey44 23,600,000 0.3 75,360,000 1.0 nav nav 50,100,000 0.7 1,274,500,000 17.5 Uganda45 1,517,362 0.1 164,718 0.0 1,633 0.0 nav nav nav nav Ukraine46 0 0.0 257,400,000 5.5 nav nav 459,000,000 9.9 nav nav UAE 23,000,000 5.0 nav nav nav nav nav nav nav nav United Kingdom 1,237,987,000 20.5 108,309,000 1.8 3,927,000,000 65.1 4,512,000,000 74.8 746,000,000 12.4

United States 30,557,000,000 101.9 6,145,000,000 20.5 8,664,000,000 28.9 26,038,000,000 86.8 22,357,000,00

0 74.5

Uruguay47 12,000,000 3.5 nav nav nav nav nav nav 32,196,894 9.5 Venezuela 97,953,000 3.6 638,136 0.0 0 0.0 nav nav nav nav Yemen48 706,085 0.0 nav nav nav nav 2,198,889 0.1 nav cwcc Zambia 2,290,267 0.2 515,531 0.0 188,420 0.0 256,149 0.0 nav nav Zimbabwe49 12,977,830 1.0 nav nav nav nav 45,270,872 3.5 nav nav

Note: see footnotes and comments after Table III.3.1d.


105


Table III.1/d Number of transactions with various Retail Payment Instruments for 2004 and 2002

2004 2002

Cheques Direct credits Direct debits Debit Cards Credit cards Cheques Direct credits Direct debits Debit Cards Credit cards

Afghanistan nav 0 nav nav nav nav 0 nav nav nav Albania 3,759 nav nap nap nap nav nav nap nap nap Algeria 4,310,000 470,000 nav nav nav 4,730,000 480,000 nav nav nav Angola 245,021 32,062 nav 55,381 nav 150,328 17,678 nav nav nav Argentina 77,764,000 4,511,000 12,543,300 nap nap 91,112,000 nav nap nap nap Armenia 15,222 1,584,929 323 1,763,090 neg 11,672 1,495,927 1,243 616,988 neg Australia 527,650,337 1,102,478,020 450,917,692 1,087,686,469 1,164,690,970 600,385,796 877,705,277 350,861,384 912,229,206 983,510,746 Austria 5,900,000 892,000,000 615,800,000 181,310,000 nav 6,700,000 480,300,000 347,300,000 140,900,000 nav Azerbaijan 0 539,000 nav nap nap nav 20,000 nav nap nap Bahamas nav nav nav nav nav nav nav nav nav nav BCEAO nap nav nav nap nav nap nav nav nap nav Belarus 0 35,930,000 nav 58,770,318 nav nav 27,294,700 nav 9,638,489 nav Belgium 19,140,000 787,960,000 211,350,000 597,310,000 74,030,000 28,910,000 807,460,000 168,790,000 506,790,000 70,490,000 Belize nap nav nav nav Nav nap nav nav nav nav Bhutan nav nav nav nav 2,180 nav nav nav nav 1,265 Bolivia 1,860,000 nav nav 738,758 1,602,275 2,226,000 nav nav 199,095 2,003,028 Bosnia-Herzegovina nap nav nav nav nav nav nav nav nav nav Botswana 473,000 85,000 146,000 203,000 41,000 514,000 49,000 114,000 66,000 6,000 Brazil 1,967,000,000 1,023,000,000 567,000,000 912,000,000 1,253,000,000 2,295,000,000 849,000,000 438,000,000 451,000,000 970,000,000 Bulgaria nav 35,320,000 990,000 60,503,638 nav nav 23,080,000 1,420,000 26,134,129 nav Cambodia 165,543 nav nav nav nav 115,360 nav nav nav nav Canada 1,392,000,000 796,000,000 590,000,000 2,819,000,000 1,762,000,000 1,515,000,000 656,000,000 520,000,000 2,404,000,000 1,493,000,000 Cape Verde 1,297,444 nav nav 1,346,546 nav 1,252,643 nav nav 1,129,841 nav Chile 284,286,000 nav nav 42,645,000 47,964,000.00 285,108,000 nav nav 20,459,000 40,346,000 China nav nav nav nav nav nav nav nav nav nav Colombia 85,800,000 17,500,000 nap 59,300,000 52,700,000 104,600,000 8,200,000 nap 40,300,000 33,800,000 Costa Rica 10,901,727 5,430,226 13,632 nap nap 11,299,590 4,084,742 2,005 nap nap Croatia nav nav nap nap nap nap. nav nap nap nap Cyprus 24,770,000 7,390,000 8,730,000 6,630,000 10,370,000 23,790,000 3,770,000 5,940,000 4,650,000 8,360,000 Czech Republic 360,000 410,010,000 269,720,000 79,940,000 4,370,000 300,000 503,300,000 209,700,000 41,000,000 nav DR of Congo nav nav nap nap nap nap nav nap nap nap


106

2004 2002


Denmark 30,000,000 245,130,000 157,930,000 611,310,000 36,790,000 41,600,000 227,160,000 145,930,000 492,000,000 14,000,000 Dominican Republic 105,864,000 103,440 nav 9,314,258 32,059,588 82,665,000 nav nav 5,574,822 31,841,800 ECCU 8,438,479 1,830,071 159,239 268,961 624,486 nav nav nav nav nav Egypt 9,591,000 nav nav nav nav 10,025,000 nav nav nav nav El Salvador 19,842,000 nav nav 9,153,000 3,756,000 nav nav nav nav nav Estonia 28,218 62,978,025 10,335,143 54,036,155 6,134,114 23,239 48,517,495 6,591,760 nav nav Fiji 2,854,000 nav nav nav nav 1,870,000 nav nav nav nav Finland 600,000 655,000,000 69,000,000 574,000,000 135,000,000 800,000 584,000,000 54,000,000 417,000,000 127,000,000 France 4,133,810,000 2,599,230,000 2,542,730,000 4,650,000,000 nav 4,349,470,000 2,564,220,000 2,183,810,000 4,095,590,000 nav Georgia nap nav nav 1,377,272 174,000 nav nav nav 231,460 42,000 Germany nap nav nav nav nav nav nav nav nav nav Ghana 4,675,947 nav nav nav nav 4,351,941 nav nav nav nav Greece 28,160,000 17,000,000 13,100,000 2,910,000 61,710,000 17,060,000 9,780,000 10,890,000 2,020,000 45,300,000 Guatemala 29,600,000 nav nav 6,800,000 1,500,000 nav nav nav nav 1,200,000 Guyana nap nav nav nav nav nav nav nav nav nav Honduras nap nav nav nav nav nav nav nav nav nav Hong Kong 125,400,000 19,200,000 35,900,000 27,300,000 nav 129,600,000 16,600,000 37,200,000 23,500,000 nav Hungary nap nav nav 62,460,000 7,060,000 nav nav nav 36,670,000 3,340,000 Iceland 1,493,000 nav nav 51,463,000 35,341,000 2,726,000 nav nav 44,662,000 30,687,000 India 1,166,840,000 43,060,000 15,300,000 41,530,000 129,470,000 1,013,900,000 nav nav nav nav Indonesia nap nav nav 113,800,000 76,400,000 nav nav nav nav nav Iran nap nav nav nav nav nav nav nav nav nav Ireland 73,000,000 47,000,000 42,000,000 68,000,000 83,000,000 75,000,000 37,000,000 37,000,000 55,000,000 80,000,000 Israel 719,773,000 82,637,000 131,407,000 429,595,000 nav 739,772,000 79,095,000 126,905,000 373,385,000 nav Italy 487,000,000 1,049,000,000 772,000,000 672,000,000 434,000,000 538,000,000 989,000,000 691,000,000 552,000,000 358,000,000 Jamaica 19,714,080 nav nav 25,005,909 5,601,766 nav nav nav nav nav Japan 159,810,000 1,330,530,000 nav 10,950,000 3,050,230,000 187,090,000 1,285,310,000 nav 8,250,000 2,297,090,000 Jordan 8,858,500 nav nav nav nav 8,577,500 nav nav nav nav Kazakhstan 200,000 25,900,000 200,000 36,600,000 nav 300,000 13,000,000 200,000 21,000,000 nav Kenya nap 12,329,000 3,586,000 nav nav nav 12,177,000 2,311,000 nav nav Kuwait 1,800,000 nav nav 42,491,903 nav 1,640,000 nav nav nav nav Kyrgyz Republic nap 1,049,700 nav 557,500 nav nav 388,900 nav 115,900 nav Latvia 51,000 77,153,000 816,000 28,185,000 1,341,000 60,000 62,600,000 165,000 12,816,000 127,000 Lebanon 10,978,000 nav nav 17,690,000 nav 10,766,000 nav nav 10,094,000 nav Lesotho 870,029 nav nav nav nav 930,104 nav nav nav nav Lithuania 10,000 46,340,000 2,860,000 35,580,000 960,000 2,000 35,580,000 830,000 16,280,000 380,000


107

2004 2002


Luxembourg 380,000 13,040,000 5,300,000 20,620,000 14,100,000 170,000 13,290,000 4,240,000 16,910,000 12,940,000 Macao 1,638,349 nav nav nav nav 1,496,433 nav nav nav nav Macedonia nap nav nav nav nav nav nav nav nav nav Madagascar nap nav nav nav nav nav nav nav nav nav Malaysia 200,200,000 3,700,000 neg 1,600,000 164,500,000 192,900,000 600,000 nav 1,000,000 127,000,000 Malta 12,970,000 3,260,000 480,000 2,920,000 1,480,000 10,970,000 2,530,000 300,000 2,130,000 870,000 Mauritius 6,234,000 4,990,000 3,684,000 4,460,000 nav 9,220,000 4,500,000 2,600,000 3,500,000 nav Mexico 538,000,000 155,000,000 31,000,000 nav nav 575,000,000 134,000,000 9,000,000 nav nav Moldova nap nav nav 5,166,785 78,023 nav nav nav 1,568,280 nav Mongolia nap nav nav nav nav nav nav nav nav nav Morocco 21,672,862 nav nav nav nav 10,010,035 nav nav nav nav Mozambique nap nav nav nav nav nav nav nav nav nav Myanmar 368,877,000 7,116,000 nav nav nav 401,550,000 27,936,000 nav nav nav Namibia nap nav nav nav nav nav nav nav nav nav Nepal nap nav nav nav nav nav nav nav nav nav Netherlands nap 1,264,000,000 1,051,000,000 1,247,000,000 49,000,000 100,000 1,261,000,000 947,000,000 1,069,000,000 46,000,000 Netherlands Ant nap nav nav nav nav nav nav nav nav nav New Zealand 192,100,000 309,600,000 94,900,000 694,500,000 180,600,000 221,400,000 289,800,000 80,000,000 582,700,000 nav Nicaragua 2,749,148 nav nav nav nav nav nav nav nav nav Norway 1,200,000 186,600,000 35,800,000 743,600,000 43,000,000 200,000 153,200,000 31,300,000 601,400,000 29,600,000 Oman 1,772,193 nav nav nav nav 2,127,322 nav nav nav nav Pakistan 183,010,000 nav nav nav nav nav nav nav nav nav Paraguay nap nav nav nav nav nav nav nav nav nav Peru 7,869,682 180,640 nav 18,743,847 35,937,975 8,257,360 nav nav nav nav Philippines 146,000,000 nav nav nav 152,000,000 129,000,000 nav nav nav 132,000,000 Poland 400,000 726,610,000 7,540,000 147,240,000 45,120,000 2,310,000 507,100,000 2,260,000 76,430,000 27,280,000 Portugal 230,600,000 76,000,000 144,600,000 666,000,000 286,400,000 258,800,000 62,000,000 121,530,000 600,500,000 247,900,000 Qatar 1,821,798 nav nav nav nav nav nav nav nav nav Romania 10,720,000 nav 141,470,000 53,060,000 1,540,000 7,390,000 nav 86,130,000 24,310,000 330,000 Russia 700,000 nav nav 86,600,000 2,800,000 1,000,000 nav nav 41,500,000 200,000 Rwanda 146,833 0 0 704 0 135,264 0 0 6,051 0 San Marino 517,000 167,000 517,000 663,000 506,000 nav nav nav nav nav Saudi Arabia 6,317,653 nav 214,627 52,177,384 nav 6,438,749 nav 3,898 33,203,974 nav Serbia 37,470,000 225,470,000 nav 9,500,000 300,000 nav nav nav nav nav Singapore 86,750,000 19,605,948 47,540,000 121,480,000 nav 90,730,000 15,668,908 30,310,000 106,330,000 nav Slovak Republic 70,000 140,000,000 3,000,000 27,000,000 2,500,000 100,000 nav nav 17,000,000 800,000


108

2004 2002


Slovenia 1,735,000 49,969,205 nav 44,145,000 60,715,000 4,532,000 51,837,885 nav 31,988,000 54,994,000 Solomon Islands nap nav nav nav nav nav nav nav nav nav South Africa 127,496,161 248,974,016 221,380,258 37,553,142 57,826,909 187,709,618 189,297,900 157,464,575 nav nav Spain 112,714,605 256,219,930 783,257,067 693,000,000 578,000,000 122,143,536 210,358,136 667,362,647 612,000,000 401,000,000 Sri Lanka 37,689,923 2,407,528 3,927 355,000 9,759,000 35,487,380 1,606,598 2,086 nav 6,255,000 Sudan nap nav nav nav nav nav nav nav nav nav Swaziland 877147 7,526 16589 nav nav nav nav nav nav nav Sweden 1,200,000 462,000,000 143,000,000 780,000,000 177,000,000 1,500,000 436,000,000 119,000,000 509,000,000 80,000,000 Switzerland 2,700,000 585,900,000 51,500,000 259,500,000 102,600,000 4,500,000 537,700,000 50,000,000 225,600,000 100,700,000 Taiwan 159,635,000 9,089,000 3,918,000 nav 304,117,000 162,791,000 4,730,000 1,163,000 nav 311,998,000 Tajikistan nap nav nav nav nav nav nav nav nav nav Tanzania 1,336,389 nav nav nav nav 1,289,071 nav nav nav nav Thailand 86,883,000 99,839,000 45,356,000 nav 201,486,000 79,116,000 72,875,000 40,192,000 nav nav Trinidad – Tobago 13,300,000 nav nav 7,980,000 2,560,000 12,150,000 nav nav 7,540,000 2,430,000 Turkey 25,300,000 58,700,000 nav 20,000,000 1,079,500,000 25,300,000 34,100,000 nav 8,600,000 594,200,000 Uganda 1,414,385 86,558 622 nav nav nav nav nav nav nav Ukraine nap 203,400,000 nav 238,000,000 nav nav 147,600,000 nav 74,000,000 nav UAE 18,000,000 nav nav nav nav 16,000,000 nav nav nav nav United Kingdom 1,424,465,000 132,899,000 3,796,000,000 3,690,000,000 618,000,000 1,621,332,000 150,411,000 3,645,000,000 2,994,000,000 439,000,000

United States 35,040,000,000 5,150,000,000 5,757,000,000 19,680,000,00

0 19,126,000,000 38,821,000,000 4,451,000,000 3,461,000,000 13,390,000,000

17,531,000,000

Uruguay 11,947,000 nav nav nav nav 13,584,000 nav nav nav nav Venezuela 74,881,000 nav nav nap nap 79,103,000 nav nav nap nap Yemen 586,372 nav nav 328,719 nav 464,618 nav nav nav nav Zambia 2,156,403 343,054 137,544 nav nav nav nav nav nav nav Zimbabwe 16,043,411 nav nav nav nav 17,322,712 nav nav 27,668,191 nav

1 Only interbank transactions information is available. 2 Figures for debit cards include both debit and credit cards. 3 The 2006 figure for credit transfers is actually from end-2005. Figures for debit cards includes both debit and credit cards. Belarus CISPI Silver Book taken as source for credit

transfers data. 4 The 2006 figures for credit, debit, and stored-value cards, are actually from end-2004. Used CEMLA as a source. 5 Only interbank transactions were included. 6 Figures for debit cards include both debit and credit cards. Only interbank transactions were included. 7 Figures for 2006 are actually from end-2005. 8 Figures of 2006 for direct credits and direct debits are actually from end-2004. 9 Figures of 2006 for debit cards and credit cards are actually from end-2004. 10 Figures for debit cards includes both debit and credit cards. 11 Figures for 2006 are actually from end-2005, using the CPSS as a source. Figures for debit cards include both debit, delayed debit and credit cards. 12 Payments by credit card also include payments by cards with a delayed debit function. The number of transactions of the latter was 1.88 million in 2006, 1.84 million in 2004 and

6.02 million in 2002. 13 Figures for 2006 are actually from end-2001 (last year available using CEMLA as a source). Figures for debit cards include both debit and credit cards.


109

14 Some 93% is e-money, prepaid, etc. 15 Only interbank transactions are included (except for transactions with payment cards). Figures for direct credits include both direct credits and direct debits. 16 Cheques are the main instrument in the country. 17 The 2006 figure for credit cards is actually from end-2004. 18 For direct credits, only interbank transactions are included. Figure for cheques includes all transactions handled by all bill and cheque clearing systems. Figures for credit cards

are Bank of Japan estimates. 19 Figures for debit cards includes both debit and credit cards. 20 The number of cheques settled is a WB estimate based on monthly figures available at the Central Bank of Kenya website. 21 Figures for debit cards includes both debit and credit cards. 22 Figures for debit cards includes both debit and credit cards. 23 2006 figures include interbank and intra-bank transactions (for credit transfers, direct debits and cheques); 2002 and 2004 figures include interbank transactions only (for credit

transfers, direct debits and cheques). 24 Figure for credit cards includes payments made with credit cards with combined function. 25 Figures for e-money and prepaid products include Touch n’ Go and MEPS cash only. 26 Figures for debit cards includes both debit and credit cards. 27 For direct credits, the WB estimates 80% of payments made in RTGS system since the latter has a functionality for retail

payments. 28 Interbank transactions only. 29 Figures for debit cards reflect all EFTPOS transactions. 30 Includes interbank cheques only. 31 Figure for checks based on WB estimates from field work. 32 Figure for credit cards for 2006 is a WB estimate based on banking sources. 33 All figures for 2006 are actually from end-2004. Some payments with cards may be duplicated in credit/debit card figures. 34 All figures for 2006 are actually from end-2004. 35 Does not include intrabank transactions, where applicable. 36 Does not include intrabank transactions, where applicable. 37 Only interbank transactions were included. For direct credits, the WB estimates that 80% of payments in RTGS were actually

retail transactions, since the latter system was designed to handle both for large-value as well as retail. 38 Some 86% is e-money, etc. Figure for 2006 for debit cards is actually from end-2004. 39 Interbank transactions only. 40 All figures reported as 2006 are actually from end-2004. Only interbank transactions are included. 41 Interbank transactions only. 42 For cheques, data includes interbank information only. 43 Cheque data for 2004 and 2002 are estimated on the basis of Central Bank interbank cheque clearings. 44 Figures for direct credits are a WB estimate: 80% of RTGS number of payments since retail transfers are processed through

RTGS. For cheques, only interbank information is included. 45 Only interbank transactions are included. 46 Figures for direct credits are a WB estimate: 90% of RTGS transactions was used since retail credit transfers are also

processed through RTGS. 47 The 2006 figures for checks are actually from end-2004 using CEMLA as a source. 48 Figures for debit cards includes both debit and credit cards. 49 Figures for debit cards includes both debit and credit cards.


110


Table III.1/e Value of transactions with various retail payment instruments for year 2006 (in US$)

2006

Cheques Direct credits Direct debits Payments by debit cards Payments by credit cards

Value Settled Average Value Value Settled Average

Value Value Settled Average Value Value Settled Average

Value Value Settled Average Value

Afghanistan 822,512,064 70 0 nap 0 nap 0 nap 0 nap Albania1 38,837,920 39 nav 0 nav nav 0 0 nav nav Algeria 88,429,063,361 17,171 1,907,713,499 3,127 nav nav nav nav nav nav Angola 5,359,345,092 17,795 nav nav nav nav 4,402,139 14 nav nav Argentina2 138,390,677,419 1,548 10,566,451,613 1,603 2,125,129,032 109 nav nav nav nav Armenia 18,199,519 2,038 13,151,819,712 5,477 10,615,385 1,996 332,319,712 110 cdwc cwdc Australia 1,295,173,175,498 2,890 4,282,791,754,841 3,322 3,071,027,492,122 5,980 70,026,487,684 53 143,282,386,282 109 Austria 18,000,000,000 3,000 3,013,975,000,000 3,323 340,050,000,000 499 14,300,000,000 62 4,000,000,000 132 Azerbaijan 0 nap 1,348,888,889 1,600 477,778 177 428,813,333 74 70,901,111 304 Bahamas 8,710,376,000 2,187 122,404,341 nav nav nav 202,764 nav 112,400,000 nav BCEAO 15,580,015,314 5,344 357,963,247 19,412 nav nav nav nav nav nav Belarus3 0 nap 10,277,114,613 261 0 nap 1,248,379 0 nav cwdc Belgium 74,837,500,000 5,585 18,451,075,000,000 21,939 67,400,000,000 291 37,362,500,000 53 11,550,000,000 133 Belize 1,845,131,013 827 nav nav nav nav nav nav nav nav Bhutan 0 0 nav nav 0 nap nav nav 838,852 284 Bolivia 6,556,250,000 4,357 nav nav nav nav 2,467,625 2 13,383,245 9 Bosnia - Herzegovina 0 nap 0 nav 0 nap 1,127,457,037 93 148,913,221 36 Botswana 1,856,236,800 2,303 523,114,754 2,217 105,409,836 2,067 34,590,164 178 4,426,230 143 Brazil4 444,090,909,091 260 1,370,909,090,909 1,145 79,545,454,545 78 31,363,636,364 20 68,636,363,636 34 Bulgaria5 0 nap 46,714,062,500 932 477,062,500 399 4,584,681,250 49 cwdc cwdc Cambodia 2,894,232,632 11,118 nav nav nav nav nav nav nav nav Canada 3,385,087,719,298 2,555 5,543,859,649,123 5,898 471,000,000,000 624 130,701,754,386 40 204,385,964,912 94 Cape Verde 2,560,367,463 1,601 0 nav 0 nap 152,718,999 72 14,519,909 157 Chile 639,498,397,134 2,483 nav nav nav nav 2,377,899,302 36 4,097,680,558 69 China 26,128,120,300,752 22,403 2,046,566,250,000 3,240 62,248,750,000 390 8,821,937,500,000 464 cwdc cwdc Colombia 206,200,000,000 2,620 88,190,000,000 3,207 nav nav 2,450,000,000 31 5,370,000,000 76 Costa Rica6 23,366,214,571 2,333 4,816,270,614 801 852,659,059 411 nav nav nav nav Croatia 571,082,869 95 252,054,109,432 1,706 30,868,575,880 378 10,227,661,083 81 4,482,482,748 58


111

2006





Cyprus7 42,697,820,000 1,684 137,034,140,000 14,409 2,416,980,000 255 821,300,000 100 1,074,600,000 95 Czech Republic8 1,811,061,947 4,212 2,666,597,345,133 6,504 190,711,061,947 707 4,153,539,823 49 407,964,602 53 D. R. of Congo nav nav nav nav nav nav nav nav nav nav Denmark 62,427,457,627 3,218 720,866,101,695 2,707 88,595,932,203 505 46,160,169,492 64 5,585,932,203 113 Dominican Republic9 97,521,287,425 692 5,207,245,509 10,988 nav nav 270,449,102 29 1,806,167,665 56 ECCU 14,781,708,889 1,405 4,234,965,926 1,978 307,446,667 922 25,090,370 113 114,734,444 110 Egypt10 50,651,403,509 5,434 nav nav nav nav nav nav nav Nav El Salvador 39,281,000,000 1,494 nav nav nav nav 495,936,000 47 700,546,000 94 Estonia 13,485,280 942 158,780,780,800 2,025 1,254,364,240 87 2,107,509,200 21 290,400,000 40 Fiji 2,844,837,059 866 nav nav nav nav nav nav nav nav Finland 35,000,000,000 58,333 4,047,500,000,000 5,529 51,250,000,000 649 28,125,000,000 35 10,750,000,000 68 France11 2,719,600,000,000 694 134,442,887,500,000 55,822 1,133,350,000,000 451 325,275,000,000 62 cwdc cwdc Georgia 0 nap nav nav nav nav 579,928,868 73 34,605,001 132 Germany12 641,000,000,000 5,963 38,679,000,000,000 5,762 4,187,000,000,000 628 196,200,000,000 83 cwdc cwdc Ghana 15,193,266,045 3,058 0 nav 0 nav 0 nav 0 nav Greece13 519,287,500,000 18,659 1,021,687,500,000 34,894 8,687,500,000 531 962,500,000 177 8,362,500,000 126 Guatemala 57,979,394,737 1,939 nav nav nav nav 222,552,632 24 59,921,053 40 Guyana14 682,222,777 213 96,898,102 690 2,637,363 nav 3,471,528 30 cwdc cwdc Honduras 17,159,962,963 nav nav nav nav nav nav nav 0 nav Hong Kong 1,048,901,692,308 7,964 48,700,641,026 2,244 8,919,230,769 253 3,002,564,103 95 nav nav Hungary 0 nap nav nav nav nav 3,802,823,194 40 769,001,901 50 Iceland 2,994,829,060 4,091 nav nav nav nav 5,958,319,088 100 3,408,675,214 78 India 2,658,372,185,430 1,944 5,470,176,379,691 70,428 5,616,114,790 75 1,803,973,510 30 9,130,463,576 54 Indonesia15 8,122,891,487 3,385 28,561,134,585 985 nav nav 7,635,954,713 47 5,993,907,831 55 Iran nav nav nav nav nav 26,169,732,524 87 0 nap Ireland 336,250,000,000 5,095 120,000,000,000 1,600 95,000,000,000 1,583 8,750,000,000 88 16,250,000,000 196 Israel 196,992,666,667 254 1,208,144,444,444 13,607 47,723,111,111 338 27,232,000,000 53 nav nav Italy 1,488,750,000,000 3,286 7,777,500,000,000 7,269 1,337,500,000,000 1,641 88,750,000,000 115 61,250,000,000 129 Jamaica 68,249,391,172 2,916 nav nav nav nav 1,962,176,560 60 579,315,068 82 Japan16 4,109,458,297,506 30,613 21,803,611,349,957 16,013 nav nav 679,277,730 62 250,730,868,444 82 Jordan 37,888,000,000 3,466 nav nav nav nav nav nav nav nav Kazakhstan17 900,000,000 9,000 538,500,000,000 17,427 8,500,000,000 1,090 9,800,000,000 147 cwdc cwdc Kenya18 2,101,248,266 140 36,643,551 3 6,643,551 1 nav nav nav nav


112

2006





Kuwait 30,000,000,000 15,000 nav nav nav nav 20,765,623,333 320 1,960,403,333 190 Kyrgyz Republic19 0 nap 1,278,606,965 731 nav nav 63,680,846 89 cwdc cwdc Latvia 34,248,750 1,038 602,135,566,250 5,627 164,485,000 44 1,300,568,750 25 355,027,500 67 Lebanon20 32,490,000,000 3,253 nav nav nav nav 3,775,000,000 153 cwdc cwdc Lesotho 1,383,970,588 2,358 nav nav nav nav nav nav nav nav Lithuania 1,077,007,143 3,474 410,501,742,857 5,003 364,592,857 60 2,266,828,571 35 340,928,571 87 Luxembourg21 8,600,000,000 23,889 738,387,500,000 14,441 6,250,000,000 585 2,037,500,000 81 2,000,000,000 127 Macao 28,079,230,769 15,363 nav nav nav nav nav nav 274,213,333 nav Macedonia22 292,831,643 48 28,352,471,321 1,453 2,334,491,683 354 171,058,724 81 114,977,771 59 Madagascar 2,014,657,144 1,035 nav nav nav nav nav nav nav nav Malaysia23 389,729,729,730 1,937 12,378,378,378 662 nav neg 108,108,108 40 12,864,864,865 62 Malta 18,668,000,000 1,533 19,662,266,667 5,215 154,566,667 258 241,566,667 69 235,933,333 128 Mauritius24 8,630,283,912 1,181 nav nav 1,926,624,606 535 408,832,808 53 cwdc cwdc Mexico 975,821,100,917 1,821 3,509,234,495,413 10,831 4,549,449,541 130 13,100,733,945 47 19,327,431,193 73 Moldova25 0 nap 2,392,518,321 5,772 0 nav 437,269,679 53 20,557,710 72 Mongolia nav nav nav nav nav nav nav nav nav nav Morocco 69,776,647,955 3,138 81,317,165,909 nav 0 nav 299,981,263 64 nav nav Mozambique 45,993,060,927 7,391 0 nav 397,037,141 nav 886,252,283 40 249,515,645 207 Myanmar26 457,068,965,517 1,424 188,793,103,448 21,983 nav nav nav nav nav nav Namibia nav nav nav nav nav nav nav nav nav nav Nepal nav nav nav nav nav nav nav nav nav nav Netherlands 0 nap 7,092,298,750,000 5,177 326,842,500,000 287 80,270,000,000 55 9,497,125,000 136 Netherlands Antilles nav nav nav nav nav nav nav nav nav nav New Zealand nav nav nav nav nav nav nav nav nav nav Nicaragua 7,845,722,664 2,660 nav nav nav nav nav nav nav nav Norway 2,468,750,000 3,527 1,153,296,875,000 5,214 34,921,875,000 835 70,031,250,000 77 9,890,625,000 162 Oman27 6,981,152,500 3,726 nav nav nav nav nav nav nav nav Pakistan 1,525,704,809,287 5,306 nav nav nav nav 4,333,333,333 94 978,441,128 58 Paraguay28 12,000,000,000 571 nav nav nav nav nav nav nav nav Peru 38,975,000,000 4,805 1,804,000,000 2,248 nav nav 791,000,000 33 2,355,000,000 41 Philippines 389,863,547,758 2,215 nav nav nav nav nav nav 4,483,430,799 25 Poland 55,806,452 70 766,106,451,613 835 3,272,258,065 225 8,077,083,871 34 4,547,612,903 45 Portugal29 451,750,000,000 1,959 976,875,000,000 12,854 30,250,000,000 209 26,250,000,000 39 14,000,000,000 49


113

2006





Qatar 40,459,722,222 14,668 nav nav nav nav nav nav nav nav Romania30 9,043,207,143 844 nav nav 35,383,871,429 250 1,536,207,143 29 220,771,429 143 Russia31 3,220,588,235 5,368 nav nav nav nav 6,738,970,588 33 981,617,647 115 Rwanda 708,644,191 4,316 0 nap 0 nap 72,503 22 1,830,000 nav San Marino 2,383,750,000 4,602 891,250,000 4,524 191,250,000 327 128,750,000 164 73,750,000 152 Saudi Arabia32 101,758,918,919 16,435 373,486,486,486 22,459 9,375,276 19 8,367,567,568 101 0 nap Serbia 409,395,973 43 461,442,953,020 1,454 nav nav 1,979,865,772 50 552,013,423 55 Singapore 279,350,108,476 3,260 67,566,548,750 2,801 27,595,625,000 514 5,768,750,000 47 11,649,937,500 nav Slovak Republic 126,262,626 1,263 1,239,775,185,185 6,048 9,668,653,199 236 3,771,313,131 97 333,265,993 72 Slovenia 104,858,639 114 427,230,366,492 7,959 36,292,146,597 531 2,112,947,644 38 2,681,554,974 41 Solomon Islands nav nav nav nav nav nav nav nav nav nav South Africa 223,968,127,782 2,303 459,025,574,892 1,518 58,751,321,436 218 3,957,281,723 35 11,143,752,114 97 Spain33 856,768,137,500 8,202 899,195,712,500 2,952 401,170,262,500 446 46,437,500,000 58 59,212,500,000 72 Sri Lanka 36,795,052,936 830 1,164,051,973 282 3,580,366 98 9,624,639 19 528,854,668 32 Sudan nav nav nav nav nav nav 87,562,845 88 nav nav Swaziland 2,249,680,858 2,617 104,972,151 938 15,770,919 205 nav nav nav nav Sweden 4,054,054,054 4,505 1,053,918,918,919 2,062 46,486,486,486 291 43,783,783,784 50 10,810,810,811 59 Switzerland34 6,076,923,077 2,251 33,205,923,076,923 56,675 60,615,384,615 1,177 28,692,307,692 111 15,230,769,231 148 Taiwan35 734,738,461,538 4,925 22,676,923,077 1,001 6,892,307,692 438 nav nav 42,461,538,462 88 Tajikistan 0 nap nav nav nav nav 22,484,848 96 0 nap Tanzania 7,987,858,455 5,249 nav nav nav nav 139,815,480 64 146,302,420 nav Thailand36 794,738,786,280 9,451 111,820,580,475 911 32,664,907,652 613 316,622,691 47 19,868,073,879 78 Trinidad and Tobago37 30,437,555,556 2,124 447,507,937 2,357 nav nav 437,301,587 37 718,460,317 184 Turkey38 131,649,300,699 5,578 1,052,447,552,448 13,966 nav nav 1,060,419,580 21 69,075,594,406 54 Uganda39 5,121,696,337 3,375 212,117,958 1,288 42,545,136 nav nav nav nav nav Ukraine40 0 nap 160,600,000,000 624 0 #DIV/0! 30,227,000,000 66 cwdc cwdc United Arab Emirates 187,297,297,297 8,143 Nav nav nav nav nav nav nav nav United Kingdom 2,348,374,000,000 1,897 119,482,000,000 1,103 1,690,000,000,000 430 723,052,000,000 160 292,814,000,000 393 United States 76,310,248,000,000 1,366 18,111,766,000,000 2,947 13,499,743,000,000 1,558 1,023,720,000,000 39 1,944,930,000,000 87 Uruguay 19,705,778,689 1,642 0 #DIV/0! 0 0 0 #DIV/0! 1,377,545,276 43 Venezuela 220,638,565,440 2,252 1,091,755,939 1,711 nav nav 5,780,624,127 nav 6,186,306,474 nav Yemen41 7,538,837,056 10,677 Nav nav nav nav 156,837,563 71 cwdc cwdc Zambia 7,845,743,943 3,426 644,722,600 1,251 22,480,642 119 23,590,797 92 nav nap


114

2006





Zimbabwe42 19,388,309,699 1,494 nav nav nav nav 2,371,658,679 52 19,764 nav Note: see footnotes and comments after Table III.3.1g


115


Table III.1/f Value of transactions with various retail payment instruments for year 2004 (in US$)

2004

Cheques Direct credits Direct debits Debit cards Credit cards Afghanistan nav 0 0 0 0 Albania 208,171,206 nav nav 0 Nav Algeria 65,736,754,508 6,428,710,125 nav nav Nav Angola 2,280,608,012 3,093,350 nav 2,465,799 Nav Argentina 119,024,896,552 5,225,551,724 1,084,137,931 nav nav Armenia 23,550,141 6,558,980,319 8,509,841 185,137,769 nav Australia 1,262,631,341,754 3,041,310,432,746 2,221,529,080,751 52,802,770,799 112,717,575,097 Austria 20,500,000,000 3,183,875,000,000 250,875,000,000 11,375,000,000 nav Azerbaijan 0 622,104,620 0 nav nav Bahamas 7,309,111,000 nav nav nav 101,300,000 BCEAO nav 0 nav nav 0 Belarus 0 8,364,578,994 0 1,239,307 0 Belgium 101,412,500,000 18,451,075,000,000 60,100,000,000 37,362,500,000 8,500,000,000 Belize nav nav nav nav nav Bhutan 0 0 nav 529,801 Bolivia 7,122,000,000 nav nav 2,498,861 107,065,960 Bosnia - Herzegovina 0 0 0 nav nav Botswana 1,549,343,700 210,212,766 116,170,213 13,191,489 3,191,489 Brazil 345,862,068,966 935,862,068,966 40,689,655,172 14,482,758,621 32,068,965,517 Bulgaria 0 71,506,293,750 372,368,750 3,154,918,750 nav Cambodia 1,295,873,319 nav nav nav nav Canada 2,735,156,250,000 3,878,125,000,000 303,125,000,000 96,875,000,000 141,406,250,000 Cape Verde 1,908,774,775 0 0 98,442,568 nav Chile 825,464,391,204 nav nav 1,319,330,489 2,326,878,897 China nav nav nav nav nav Colombia 160,170,000,000 47,500,000,000 nav 1,540,000,000 3,260,000,000 Costa Rica 21,432,790,432 3,027,943,384 504,925,316 nav nav Croatia nav nav nav nav nav Cyprus 40,492,300,000 125,973,220,000 2,052,980,000 788,100,000 1,172,300,000 Czech Republic 1,133,073,930 2,344,945,525,292 167,707,003,891 3,357,198,444 249,416,342


116

2004


D. R. of Congo nav nav nav nav nav Denmark 87,001,000,000 547,337,000,000 75,522,166,667 35,353,000,000 4,490,833,333 Dominican Republic 66,348,026,128 nav nav 214,560,570 1,432,921,615 ECCU 9,912,700,741 2,509,443,704 386,479,259 23,405,556 111,256,296 Egypt 45,842,580,645 nav nav nav nav El Salvador 28,098,000,000 nav nav 358,026,000 388,393,000 Estonia 17,459,444 84,444,157,937 344,464,683 950,296,349 212,137,619 Fiji 1,946,210,588 nav nav nav nav Finland 62,500,000,000 3,582,500,000,000 45,000,000,000 21,875,000,000 8,625,000,000 France 2,605,262,500,000 134,442,887,500,000 978,075,000,000 274,500,000,000 Georgia 0 nav nav 116,677,215 44,521 Germany 696,000,000,000 35,405,000,000,000 4,239,000,000,000 186,400,000,000 nav Ghana 12,462,574,684 0 0 0 nav Greece 447,712,500,000 1,070,287,500,000 7,437,500,000 312,500,000 7,187,500,000 Guatemala 53,567,227,848 nav nav 160,240,506 47,443,038 Guyana nav nav nav nav nav Honduras 13,979,241,758 nav nav nav nav Hong Kong 853,992,358,974 40,791,538,462 7,281,025,641 2,548,974,359 nav Hungary 0 nav nav 2,589,343,858 382,807,104 Iceland 4,156,082,621 nav nav 5,626,381,766 2,417,820,513 India 2,308,806,843,267 914,120,309,051 644,812,362 1,183,443,709 5,670,198,675 Indonesia nav nav nav 2,727,435,450 3,881,952,835 Iran nav nav nav nav 0 Ireland 261,250,000,000 71,250,000,000 42,500,000,000 5,000,000,000 11,250,000,000 Israel 174,814,888,889 682,797,777,778 39,525,555,556 22,300,666,667 nav Italy 1,483,750,000,000 6,643,750,000,000 1,166,250,000,000 72,500,000,000 52,500,000,000 Jamaica 56,645,947,712 nav nav 1,369,493,464 267,222,222 Japan 5,577,171,903,882 21,363,955,637,708 nav 656,192,237 269,500,924,214 Jordan 24,991,571,429 nav nav nav nav Kazakhstan 1,500,000,000 237,200,000,000 400,000,000 4,200,000,000 nav Kenya nav 25,909,091 2,904,040 nav nav Kuwait 25,166,666,667 nav nav 13,938,530,000 1,276,303,333 Kyrgyz Republic 0 929,577,465 nav 38,780,751 nav Latvia 32,032,500 490,770,170,000 60,056,250 704,647,500 111,401,250 Lebanon 32,716,000,000 nav nav 2,888,000,000 nav


117

2004


Lesotho 1,787,384,615 nav nav nav nav Lithuania 4,132,143 254,647,153,571 1,157,989,286 966,985,714 73,853,571 Luxembourg 3,212,500,000 57,312,500,000 2,112,500,000 1,675,000,000 1,775,000,000 Macao 18,305,128,205 nav nav nav nav Macedonia nav nav nav nav nav Madagascar nav nav nav nav nav Malaysia 356,947,368,421 3,710,526,316 nav 52,631,579 9,184,210,526 Malta 21,438,366,667 7,604,433,333 118,133,333 204,166,667 192,700,000 Mauritius 6,796,218,182 nav 1,636,654,545 290,181,818 nav Mexico 895,252,035,398 2,256,229,380,531 4,322,831,858 nav nav Moldova 0 nav 0 243,983,756 3,298,049 Mongolia nav nav nav nav nav Morocco 56,210,348,427 59,191,505,169 nav nav nav Mozambique 0 nav nav nav Myanmar 192,105,263,158 99,473,684,211 nav nav nav Namibia nav nav nav nav nav Nepal nav nav nav nav nav Netherlands 0 5,425,046,250,000 274,018,750,000 70,908,750,000 6,570,000,000 Netherlands Antilles nav nav nav nav nav New Zealand nav nav nav nav nav Nicaragua 5,592,699,522 nav nav nav nav Norway 6,343,283,582 1,114,746,268,657 26,641,791,045 58,731,343,284 6,940,298,507 Oman 5,528,455,000 nav nav nav nav Pakistan 686,106,346,484 nav nav nav nav Paraguay nav nav nav nav nav Peru 29,792,000,000 363,000,000 nav 417,000,000 1,260,000,000 Philippines 232,142,857,143 nav nav nav nav Poland 194,594,595 540,800,000,000 1,813,513,514 4,714,240,541 1,935,386,486 Portugal 451,750,000,000 976,875,000,000 30,250,000,000 26,250,000,000 14,000,000,000 Qatar 17,137,222,222 nav nav nav nav Romania 7,673,024,242 nav 30,022,678,788 1,303,448,485 187,321,212 Russia 927,083,333 nav nav 2,461,805,556 368,055,556 Rwanda 521,602,009 0 0 nav nav San Marino 1,867,500,000 708,750,000 132,500,000 112,500,000 57,500,000 Saudi Arabia 91,678,947,368 211,157,894,737 1,517,330 6,307,894,737 0


118

2004


Serbia 1,155,631,399 233,720,136,519 nav 407,849,829 20,477,816 Singapore 246,905,882,353 50,043,655,882 21,505,882,353 5,429,411,765 8,264,705,882 Slovak Republic 77,987,616 301,996,099,071 1,263,808,050 1,013,281,734 120,619,195 Slovenia 168,097,713 278,682,900,208 nav 1,627,338,877 2,333,861,746 Solomon Islands nav nav nav nav nav South Africa 226,906,671,066 342,933,741,569 43,761,634,653 1,219,667,808 6,061,156,980 Spain 737,301,837,500 768,555,250,000 326,695,812,500 38,212,500,000 44,250,000,000 Sri Lanka 29,300,513,834 591,432,806 1,294,466 9,881,423 329,051,383 Sudan nav nav nav nav nav Swaziland 1,631,147,347 8,939,572 4,305,969 nav nav Sweden 8,082,191,781 945,616,438,356 41,369,863,014 43,972,602,740 11,506,849,315 Switzerland 6,583,333,333 35,973,083,333,333 65,666,666,667 31,083,333,333 16,500,000,000 Taiwan 796,317,365,269 13,892,215,569 1,706,586,826 nav 37,544,910,180 Tajikistan 0 nav nav nav 0 Tanzania 6,609,749,380 nav nav nav nav Thailand 620,955,223,881 79,328,358,209 28,507,462,687 nav 13,333,333,333 Trinidad and Tobago 30,140,952,381 nav nav 400,936,508 584,111,111 Turkey 92,200,209,790 398,601,398,601 nav 315,104,895 40,915,454,545 Uganda 4,303,123,967 112,337,135 10,488,124 nav nav Ukraine 0 87,800,000,000 0 11,986,000,000 nav United Arab Emirates 116,486,486,486 nav nav nav nav United Kingdom 2,427,026,000,000 136,522,000,000 1,500,000,000,000 576,264,000,000 288,078,000,000 United States 41,731,479,000,000 14,126,044,000,000 11,813,812,000,000 728,860,000,000 1,606,890,000,000 Uruguay 17,754,619,377 nav nav nav nav Venezuela 102,573,362,238 nav nav 2,919,684,873 2,651,086,554 Yemen 4,948,960,173 nav nav 111,287,879 nav Zambia 4,893,804,013 617,296,867 6,905,355 nav 0 Zimbabwe 14,599,404,186 nav nav 3,551,206,424 nav

Note: see footnotes and comments after Table III.3.1g.


119


Table III.1/g Value of transactions with various retail payment instruments for year 2002 (in US$)

2002


Afghanistan nav 0 0 0 0 Albania 226,818,830 0 nav 0 nav Algeria 48,945,043,915 4,348,557,089 nav nav nav Angola 885,727,034 1,290,947 nav nav nav Argentina 91,125,516,129 nav nav nav nav Armenia 28,636,205 3,540,500,523 5,242,414 62,314,266 nav Australia 1,135,354,985,474 1,787,328,692,184 1,312,927,412,785 33,149,504,424 70,512,214,064 Austria 15,818,181,818 1,004,727,272,727 72,909,090,909 6,909,090,909 nav Azerbaijan 0 7,961,325 0 nav nav Bahamas 6,016,890,000 Nav nav nav 87,000,000 BCEAO nap 0 0 nav 0 Belarus 0 5,270,311,017 0 180,327 0 Belgium 90,281,818,182 11,914,445,454,546 41,972,727,273 22,836,363,636 6,636,363,636 Belize nav Nav nav nav nav Bhutan 0 0 0 nav nav Bolivia 9,022,000,000 Nav nav 768,595 14,822,804 Bosnia - Herzegovina 0 0 0 nav nav Botswana 975,037,720 101,451,613 101,774,194 2,741,935 483,871 Brazil 553,448,275,862 867,586,206,897 26,551,724,138 6,896,551,724 22,413,793,103 Bulgaria 0 32,838,752,381 425,657,143 1,065,166,667 nav Cambodia 858,600,241 Nav nav nav nav Canada 3,324,827,586,207 2,913,793,103,448 212,413,793,103 72,413,793,103 105,517,241,379 Cape Verde 1,443,199,659 0 0 63,156,997 nav Chile 824,560,894,179 Nav nav 463,057,047 1,470,460,154 China nav nav nav nav nav Colombia 164,520,000,000 28,230,000,000 nav 980,000,000 2,350,000,000 Costa Rica 23,679,949,733 1,426,308,460 94,847,137 nav nav Croatia nav nav nav nav nav Cyprus 28,935,683,333 42,342,416,667 974,533,333 372,583,333 616,400,000 Czech Republic 425,076,453 1,987,397,553,517 61,284,403,670 1,605,504,587 nav


120

2002


D. R. of Congo nav nav nav nav nav Denmark 89,669,113,924 377,468,354,430 51,967,594,937 21,645,569,620 1,645,569,620 Dominican Republic 112,701,505,376 nav nav 205,913,978 2,045,161,290 ECCU nav nav nav nav nav Egypt 54,351,333,333 nav nav nav nav El Salvador nav nav nav nav nav Estonia 16,303,855 44,086,960,843 126,930,783 nav nav Fiji 1,012,528,636 nav nav nav nav Finland 70,000,000,000 1,920,909,090,909 23,636,363,636 12,818,181,818 6,000,000,000 France 2,159,536,363,636 62,891,845,454,546 683,072,727,273 172,727,272,727 nav Georgia 0 nav nav 11,503,052 0 Germany 729,000,000,000 26,647,000,000,000 3,687,000,000,000 125,400,000,000 nav Ghana 10,577,104,895 0 0 0 0 Greece 243,890,909,091 746,545,454,545 2,672,727,273 145,454,545 2,645,454,545 Guatemala nav nav nav nav nav Guyana nav nav nav nav nav Honduras 12,700,042,683 nav nav nav nav Hong Kong 592,228,179,487 34,911,794,872 7,126,538,462 2,251,410,256 nav Hungary 0 nav 0 1,223,400,543 149,240,016 Iceland 6,414,525,627 nav nav 3,633,173,391 1,445,627,045 India 2,762,204,320,988 nav nav nav nav Indonesia nav nav nav nav nav Iran nav nav nav nav 0 Ireland 159,090,909,091 38,181,818,182 25,454,545,455 2,727,272,727 6,363,636,364 Israel 171,703,829,787 567,430,638,298 32,756,595,745 19,068,297,872 nav Italy 1,087,272,727,273 4,247,272,727,273 730,000,000,000 40,909,090,909 30,909,090,909 Jamaica nav nav nav nav nav Japan 5,624,162,679,426 17,872,886,762,360 nav 350,877,193 196,810,207,337 Jordan 18,435,571,429 nav nav nav nav Kazakhstan 1,300,000,000 80,500,000,000 200,000,000 1,600,000,000 nav Kenya nav 24,155,019 1,829,733 nav nav Kuwait 17,633,333,333 nav nav nav nav Kyrgyz Republic 0 452,025,586 nav 8,245,203 nav Latvia 27,923,636 220,988,948,182 7,389,091 280,684,545 8,563,636 Lebanon 28,403,000,000 nav nav 1,564,000,000 nav


121

2002


Lesotho 930,476,190 nav nav nav nav Lithuania 5,875,676 121,017,197,297 429,105,405 359,367,568 19,332,432 Luxembourg 3,027,272,727 36,390,909,091 872,727,273 1,000,000,000 1,200,000,000 Macao 11,384,358,974 nav nav nav nav Macedonia nav nav nav nav nav Madagascar nav nav nav nav nav Malaysia 314,342,105,263 1,236,842,105 nav 26,315,789 6,657,894,737 Malta 10,204,500,000 4,470,400,000 45,575,000 105,550,000 78,175,000 Mauritius 6,662,000,000 nav nav 178,000,000 nav Mexico 998,559,484,536 737,855,773,196 796,804,124 nav nav Moldova 0 nav 0 62,046,596 nav Mongolia nav nav nav nav nav Morocco nav 0 nav nav nav Mozambique nav 0 nav nav nav Myanmar 170,303,030,303 190,454,545,455 nav nav nav Namibia nav nav nav nav nav Nepal nav nav nav nav nav Netherlands 7,272,727 3,057,894,545,455 170,524,545,455 45,979,090,909 47,939,909,091 Netherlands Antilles nav nav nav nav nav New Zealand nav nav nav nav nav Nicaragua nav nav nav nav nav Norway 7,075,000,000 584,800,000,000 18,650,000,000 43,062,500,000 4,787,500,000 Oman 5,318,305,000 nav nav nav nav Pakistan nav nav nav nav nav Paraguay nav nav nav nav nav Peru 33,101,000,000 0 nav nav nav Philippines 251,937,984,496 nav nav nav nav Poland 5,523,414,634 1,152,787,804,878 929,268,293 2,262,439,024 1,060,243,902 Portugal 359,272,727,273 466,181,818,182 20,727,272,727 15,909,090,909 9,454,545,455 Qatar nav nav nav nav nav Romania 3,801,872,727 nav 13,436,345,455 361,475,758 14,260,606 Russia 4,932,907,348 nav nav 1,000,000,000 28,753,994 Rwanda 474,612,958 0 0 nav nav San Marino 0 0 0 0 0 Saudi Arabia 82,237,894,737 192,210,526,316 103,985 3,876,315,789 0


122

2002


Serbia nav nav nav nav nav Singapore 222,200,000,000 35,668,512,222 15,305,555,556 4,327,777,778 6,611,111,111 Slovak Republic 58,984,547 nav nav 412,626,932 33,708,609 Slovenia 343,368,027 185,675,603,664 nav 872,972,523 1,593,709,409 Solomon Islands nav nav nav nav nav South Africa 163,924,215,887 147,328,023,740 20,074,940,292 0 nav Spain 485,636,936,364 439,406,572,727 194,784,263,636 22,781,818,182 21,736,363,636 Sri Lanka 25,547,763,845 13,956,750,261 679,206 0 189,707,419 Sudan nav nav nav nav 0 Swaziland nav nav nav nav nav Sweden 1,443,298,969 639,381,443,299 25,773,195,876 30,618,556,701 7,010,309,278 Switzerland 8,187,500,000 28,803,687,500,000 45,500,000,000 23,812,500,000 12,062,500,000 Taiwan 924,421,965,318 4,046,242,775 1,098,265,896 nav 25,231,213,873 Tajikistan 0 nav nav nav 0 Tanzania 6,517,690,875 nav nav nav nav Thailand 437,595,348,837 47,209,302,326 25,116,279,070 nav 6,651,162,791 Trinidad and Tobago 23,736,290,323 nav nav 232,790,323 387,419,355 Turkey 52,750,860,927 223,841,059,602 nav 81,986,755 14,546,092,715 Uganda nav nav nav nav nav Ukraine 0 50,200,000,000 0 3,764,000,000 nav United Arab Emirates 70,270,270,270 nav nav nav nav United Kingdom 1,835,031,428,571 114,952,857,143 881,428,571,429 315,272,857,143 173,235,714,286 United States 40,868,831,000,000 11,155,628,000,000 10,621,596,000,000 479,950,000,000 1,340,350,000,000 Uruguay 18,184,933,962 nav nav nav nav Venezuela 95,351,421,189 nav 0 nav nav Yemen 3,062,072,893 nav nav 0 nav Zambia nav nav nav nav 0 Zimbabwe 2,545,454,545 nav nav 0 nav

1 Only interbank transactions are included. 2 Data provided for direct debits for 2004 was multiplied by 2.4 to get annual figure. 3 Taken as source for credit transfers data. 4 Only interbank transactions are included (except for POS transactions). 5 Figures for debit cards include both debit and credit cards (the latter 1% of the total). Only interbank transactions were included. 6 Only interbank transactions are included. 7 Credit transfers data include the large-value transfer system. All figures for 2006 are actually from end-2005. 8 The 2006 figures for credit transfers and direct debits are actually from end-2004. 9 The 2006 figures for debit and credit cards, are actually from end-2004


123

10 Only interbank transactions are included. 11 Figures for debit cards includes both debit and credit cards. The 2006 figures are actually from end-2005, except for

credit transfers for which the information is end-2004. 12 All data taken from CPSS country and comparative tables. The 2006 figures are actually from end-2005. Figures for

debit cards include both debit,delayed debit and credit cards. 13 Payments by credit card also include payments by cards with a delayed debit function. The value of transactions of

the latter was 0.35 EUR billion in 2006, 0.32 EUR billion in 2004 and 0.72 EUR billion in 2002. 14 Figures for 2006 are actually from end-2001 (last year available using CEMLA as a source). Figures for debit cards

include both debit and credit cards. 15 Only interbank transactions are included (except for transactions with payment cards). Figures for direct credits

include both direct credits and direct debits. 16 For direct credits, only interbank transactions are included. Figure for cheques includes all transactions handled by

all bill and cheque clearing systems. Figures for credit cards are Bank of Japan estimates. 17 Figures for debit cards include both debit and credit cards. 18 The value of cheques settled is a WB estimate based on monthly figures available at the Central Bank of Kenya

website. 19 Figures for debit cards includes both debit and credit cards. 20 Figures for debit cards includes both debit and credit cards. 21 Figures for 2002 and 2004 include interbank transactions only (except for transactions with payment cards). 22 Figure for credit cards includes payments made with credit cards with combined function. 23 Figures for e-money and prepaid products include. Touch n’ Go and MEPS cash only. 24 Figures for debit cards includes both debit and credit cards. 25 For direct credits, the WB estimates 20% of value settled through RTGS system since the latter has a special

functionality for retail payments. 26 Interbank transactions only. 27 Includes interbank transactions only. 28 Figure for checks based on WB estimates from field work. 29 All figures for 2006 are actually from end-2004. Some payments with cards may be duplicated in credit/debit card

figures. 30 All figures for 2006 are actually from end-2004. 31 Does not include intrabank transactions, where applicable. 32 Only interbank transactions were included. For direct credits, the WB estimates that 10% of value of payments in

RTGS actually relates to retail transactions, since the latter system was designed to handle both for large-value as well as retail. 33 Only interbank transactions are included (except for transactions with payment cards). 34 All figures reported as 2006 are actually from end-2004. Only interbank transactions are included. 35 transactions only. 36 For cheques, data includes interbank information only. 37 Cheque data for 2004 and 2002 are estimated on the basis of Central Bank interbank cheque clearings. 38 Figures for direct credits are a WB estimate: 10% of value settled through RTGS system since retail transfers are

processed through RTGS. 39 Only interbank transactions are included. 40 Figures for direct credits are a WB estimate: 20% of value settled through RTGS since retail credit transfers are also

processed through RTGS. 41 Figures for debit cards includes both debit and credit cards. 42 Figures for debit cards includes both debit and credit cards.


124


Table III.2 Cheque clearinghouse main features

Cheque clearinghouse is operated by the

Central Bank

Cheques are standardized

Processing of cheques is

automated, but physical exchange

is required


automated, and cheque truncation is

used

Net balances are calculated and

settled once a day

Afghanistan Albania X X X Algeria X X X Angola X X X X Argentina X X X Armenia 1 Australia X X Austria Azerbaijan Bahamas X X BCEAO X X X X X Belarus Belgium X X X X Belize X X Bhutan X X X Bolivia X X Bosnia - Herzegovina Botswana X X Brazil X X Bulgaria Cambodia X X Canada X X X Cape Verde X X 2 3 X Chile X X X China X X X X Colombia X X X X Costa Rica X X X Croatia Cyprus X X X X Czech Republic X X D. R. of Congo X X Denmark X X X Dominican Republic X X ECCB X X Egypt X X X X El Salvador X X X Estonia 4 Fiji X X X Finland France 5 X X X Georgia Germany X 6 X X Ghana X X X X


125


Central Bank




is required



used


settled once a day

Greece PS 1 X X X Greece PS 2 X X X Guatemala X X Guyana X X X Honduras X X Hong Kong X X X Hungary 5 Iceland X X India 7 X 8 X X X 9 Indonesia X X X X Iran X Ireland 10 X X X Israel X X X X Italy X X X X X Jamaica X X Japan X X X Jordan X X X X Kazakhstan Kenya X X X X Kuwait X X Kyrgyz Republic Latvia Lebanon X X X X Lesotho X X Lithuania Luxembourg Macao X X Macedonia X X Madagascar X X Malaysia X X X Malta X X X Mauritius X X X Mexico X X X Moldova Mongolia Morocco X X X Mozambique X X X X X Myanmar X X X Namibia X X X Nepal X X Netherlands Netherlands Antilles X X X X New Zealand X X Nicaragua X X X X Norway X X Oman X X X X Pakistan X X Paraguay X X X X


126


Central Bank




is required



used


settled once a day

Peru X X X Philippines X X X Poland Portugal X 11 X X X Quatar X X X Romania X X X X Russia Rwanda X * X San Marino X Saudi Arabia X X X Serbia X X Singapore X X Slovak Republic Slovenia Solomon Islands X X X X South Africa X X X Spain X X X Sri Lanka X X X Sudan X X X X Swaziland X X Sweden X X X Switzerland X X X Taiwan X X X Tajikistan Tanzania X X X X Thailand X X X X Trinidad and Tobago X X X X X Turkey X X X Uganda X X X Ukraine United Arab Emirates X X X X United Kingdom X X USA 14 X 15 X X X Uruguay X 16 X Venezuela X X X Yemen X X X Zambia X X Zimbabwe X X X X

1 Other banks to process the cheques: the depositor bank presents the cheque directly to payer bank. 2 Under development. 3 Under development. 4 There is no Clearing House in Estonia. 5 There is no clearinghouse dedicated to cheques. All retail cashless payment instruments, notably cheques, are

processed through the ACH. Cheques are truncated to be processed in the ACH with settlement in the RTGS once a day. In parallel of the processing through the ACH, a physical but non-accounting exchange is required for a very small proportion of cheques (about 2% of all cheques), which have specific features.

6 Cheques might also be cleared outside the Central Bank. 7 In Hungary ceques are not used for payments.


127

8 of the 1066 CHs only 4 are operated by the central bank. The processing is automated at 59 centres. Cheque Truncation pilot is expected to go live in National Capital Region of Delhi.

9 Only in the four metros. 10 For cheque clearing the net balance are calculated once a day. 11 There is no centralized cheque clearing house in Ireland. The Irish retail payment system is based on a series of

bi-lateral arrangements for the exchange and settlement of paper and electronic payment instruments between participating banks. The underlying interbank liabilities are settled on a multi-lateral net basis in central bank funds in the retail payment system members’ settlement accounts at the Central Bank.

12 The central bank has contractually delegated the operation of the clearinghouse to a service provider company. 13 The clearing of cheque and credit transfers are done in a semi-automated manner. Information is brought to the

Clearing House on Flash Disc, it is entered into the Central Bank system and net balances are calculated automatically.

14 The central bank offers check services but is not a check clearinghouse. The answers in III.3 refer to central bank check clearing services. There are hundreds of private-sector clearinghouses in the United States. We do not have detailed information on their settlement arrangements.

15 The central bank provides check services, but is not a clearinghouse. See introductory note. 16 It is an outsourcing process, BEVSA is the operator under responsibility of BCU.


128


Table III.2 (continued) Cheque clearinghouse main features

Net balances are calculated two or more times each

day

Multilateral net balances are

calculated

Final settlement of net positions takes place through an

RTGS system

Final settlement takes place in Central Bank

money, but not through an RTGS

Customer accounts are credited no

later than T+2

Afghanistan Albania X X X Algeria X X Angola X X X Argentina X X X Armenia Australia X X X Austria Azerbaijan Bahamas X X BCEAO X X X Belarus Belgium X X X Belize X X X Bhutan X X X Bolivia X X X Bosnia - Herzegovina Botswana X X X X Brazil X X X X Bulgaria Cambodia X X X Canada X X X Cape Verde X X X Chile X X X China X X X X Colombia X X X Costa Rica X X X Croatia Cyprus X X Czech Republic X D. R. of Congo X X Denmark X X X Dominican Republic X X X X ECCB X X X Egypt X X X El Salvador X X X X Estonia Fiji X Finland France X Georgia Germany X X 1 Ghana X X X


129


day


calculated


RTGS system




later than T+2

Greece PS 1 X X Greece PS 2 X X Guatemala X X X Guyana X X X Honduras X X X X Hong Kong X X X Hungary Iceland X India X 2 X X 3 X 4 X Indonesia X X X Iran X X X Ireland X X X Israel X X X Italy X X Jamaica X X X X Japan X X X Jordan X X X Kazakhstan Kenya X X Kuwait X X Kyrgyz Republic Latvia Lebanon X X X Lesotho X X X Lithuania Luxembourg Macao X X X Macedonia X X X Madagascar X X X Malaysia X X 5 Malta X Mauritius X X Mexico X X X Moldova Mongolia Morocco X X Mozambique X X X X X Myanmar X X X Namibia X X Nepal Netherlands Netherlands Antilles X New Zealand X X Nicaragua X X X Norway X X X X Oman X X X Pakistan X X X X Paraguay X X


130


day


calculated


RTGS system




later than T+2

Peru X X X Philippines X X Poland Portugal X X X Quatar X X Romania X X Russia Rwanda X X X 6 San Marino X Saudi Arabia X X X Serbia X X X Singapore X X X X Slovak Republic Slovenia Solomon Islands X X South Africa X X X Spain X X X Sri Lanka X X X Sudan X X Swaziland X X X X Sweden X X Switzerland X X Taiwan X X X Tajikistan Tanzania X X X Thailand X X X Trinidad and Tobago X X X X Turkey X X X Uganda X X X X Ukraine United Arab Emirates X X X United Kingdom X X X USA X X 7 Uruguay X X X Venezuela X X X X Yemen X X X Zambia X X Zimbabwe X X X

1 The exact conditions are part of the business policy of the bank. 2 For cheque clearing the net balance are calculated once a day. 3 Only in Mumbai. 4 Only in RBI cenres. 5 For local cheques. 6 For up-country cheques accounts may go up to T+4. 7 Depository institutions are credited for deposits with the central bank no later than T+2. Depository

institution customers are credited immediately for their deposits but may not have access to those funds until T+2 for local checks and T+5 for non-local checks. Some further exceptions apply.


131


Table III.3 If a special procedure for large-value cheques has been implemented, please answer the following

As part of this procedure, large-value cheques can be settled with same-day

value

As part of this procedure, large-

value cheques are processed on

a gross-basis

As part of this procedure, net balances are

calculated and settled more than once a day

There is a settlement guarantee fund for large-value cheques processed

under the special procedure (on a net basis)

Afghanistan Albania Algeria Angola Argentina Armenia Australia Austria Azerbaijan Bahamas X BCEAO Belarus Belgium Belize X Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil X Bulgaria Cambodia X Canada 1 Cape Verde Chile China Colombia Costa Rica Croatia Cyprus X X Czech Republic D. R. of Congo Denmark Dominican Republic ECCB X X Egypt El Salvador Estonia Fiji Finland France Georgia Germany X X Ghana


132


value



a gross-basis





Greece PS 1 Greece PS 2 Guatemala 2 Guyana X Honduras Hong Kong Hungary Iceland India X Indonesia Iran Ireland X X Israel Italy Jamaica Japan Jordan Kazakhstan Kenya 3 Kuwait Kyrgyz Republic Latvia Lebanon X X Lesotho Lithuania Luxembourg Macao Macedonia Madagascar Malaysia Malta X X Mauritius X Mexico Moldova Mongolia Morocco Mozambique Myanmar X X Namibia Nepal Netherlands Netherlands Antilles X X New Zealand Nicaragua Norway Oman X X Pakistan X X Paraguay


133


value



a gross-basis





Peru Philippines Poland Portugal X X Qatar X Romania Russia Rwanda 4 X X San Marino Saudi Arabia Serbia Singapore Slovak Republic Slovenia Solomon Islands X X South Africa Spain X Sri Lanka Sudan Swaziland Sweden Switzerland Taiwan X X Tajikistan Tanzania X X Thailand Trinidad and Tobago Turkey Uganda Ukraine United Arab Emirates United Kingdom USA Uruguay Venezuela Yemen Zambia Zimbabwe

1 Individual cheques that range between $50 thousand and $25 million (cap) are defined as large-value cheques

in the large-value cheque clearing stream of the CPA’s Automated Clearing Settlement System, which is the national retail payment clearing and settlement system. The average large-value cheque in 2006 is about $ 250 thousand (CAD).

2 The large-value cheque procedure is pending of the Junta Monetaria's approval. 3 Large-value cheques are settled on T+1 basis. 4 No formal arrangements are in place, however, occasionally on the bank’s initiative, large value cheques may

be cleared and settled at T+0.


134


Table III.4 Cheque clearinghouse risk controls

No specific risk control/

management is in place

If a participant is unable to settle, an

unwinding procedure is

initiated

Participants get information on

their preliminary positions in the clearinghouse during the day

Limits are in place to

limit significant exposures

There is a specific

guarantee fund in place

for the system

Risk management mechanisms ensure

completion of the operating day in case of inability to settle by the

largest settlement obligations

The central bank or the

operator ultimately provides

liquidity to the system

Afghanistan Albania X X X X Algeria X X Angola X Argentina X X X Armenia Australia X X X Austria Azerbaijan Bahamas X X BCEAO X X X X Belarus Belgium X X Belize X X X 1 Bhutan X X Bolivia X X X X Bosnia - Herzegovina Botswana X X X X X Brazil X X Bulgaria Cambodia X X X X Canada X X Cape Verde X X Chile X X X China Colombia 2 X X Costa Rica X Croatia Cyprus X X Czech Republic D. R. of Congo X X X Denmark X Dominican Republic X X ECCB X Egypt X X X X El Salvador X X X X Estonia Fiji X X X Finland France Georgia


135





initiated





There is a specific


for the system







Germany X 3 Ghana X X Greece PS 1 X Greece PS 2 X Guatemala X X Guyana X X X X Honduras X X X Hong Kong X X X X Hungary Iceland X X X X X India X Indonesia X X X Iran X X Ireland 4 Israel X X 5 X X Italy Jamaica X Japan X Jordan X X Kazakhstan Kenya X X Kuwait X X Kyrgyz Republic Latvia Lebanon X X Lesotho X Lithuania Luxembourg Macao X X X Macedonia X Madagascar X Malaysia X 6 X Malta X X Mauritius X X X Mexico X X Mongolia Moldova Morocco X X Mozambique X Nepal X X Myanmar X X X X X Namibia X X X X Netherlands Netherlands Antilles X X New Zealand X Nicaragua X X X X X


136





initiated





There is a specific


for the system







Norway X X X Oman X X Pakistan X X X X X Paraguay X Peru X X X Philippines X X Poland Portugal X X Qatar X X X Romania X X Russia Rwanda X X X X San Marino Saudi Arabia X Serbia X X X Singapore X Slovak Republic Slovenia Solomon Islands X X X X X South Africa X X Spain X X Sri Lanka X X X Sudan X X X Swaziland X X X Sweden X X Switzerland X 7 Taiwan X Tajikistan Tanzania X X X Thailand X X Trinidad and Tobago X Turkey X X Uganda X X X Ukraine United Arab Emirates X X X X X X United Kingdom X USA Uruguay X X Venezuela X X X Yemen X X Zambia X X Zimbabwe X X

1 As lender of last resort. 2 In reference to g), in case a participant does not have enough balances in its account by the time the first

session of the clearing house reports the net results (preliminary results based on checks submitted), the CB gives an hour to the participant bank to gather interbank credits in the money market or applied for a CB overnight repo or CB lender of last resort loans to cover the insufficient balance.


137

3 Not necessary due to gross settlement. 4 See note under III.2 above. Discussions are currently in progress aimed at putting in place a mechanism to

ensure completion of settlement in the event of default by the cheque clearing system’s single biggest participant.

5 The banks receive information on cheque clearing at T-1. 6 The system is enabled to exclude participants that are unable to settle its debit position. 7 Exchange of bilateral aggregated gross positions through the RTGS system.


138


Table III.5 ACH for direct credits and/or direct debits main features

An ACH for direct credits and/or direct debits is not

available

The ACH is operated by the Central

Bank

The ACH process both

direct credits and direct debits

Non-bank institutions

can be direct participants

Net balances are calculated and settled at least once a

day

Final settlement takes place through an

RTGS

Final settlement in Central Bank money, but not

through an RTGS

Afghanistan X X Albania X X X X Algeria X X X X Angola X Argentina X X X X Armenia Australia X X X X Austria X X X X Azerbaijan X X X X Bahamas X BCEAO X X X X Belarus X X X X Belgium X X X 1 X X Belize Bhutan Bolivia X X X Bosnia - Herzegovina Botswana X X X Brazil CIP X X Brazil TecBan X X X Bulgaria X X X Cambodia Canada X X X X 2 Cape Verde 3 Chile China Colombia CB's ACH: CENIT X X X X X Colombia private ACH X X X Costa Rica X X X X Croatia X X Cyprus 4 X X X Czech Republic 5 D. R. of Congo X Denmark X X X Dominican Republic X X X ECCB X Egypt 6 X X 7 X X El Salvador Estonia X X 8 X X X Fiji Finland 9 France 10 X X X Georgia


139


available


Bank






day


RTGS


through an RTGS

Germany X 11 Ghana Greece X X X Guatemala X 12 Guyana Honduras 13 X X X Hong Kong X X X Hungary 14 X X X Iceland X X X India X X X X 15 X 16 Indonesia X X X Iran X Ireland 17 X X Israel X X X X X Italy X X X X X Jamaica X X X Japan X X Jordan X X Kazakhstan X X X X X Kenya X X X X Kuwait Kyrgyz Republic X X X X X Latvia X X X Lebanon Lesotho X Lithuania X X X X X Luxembourg 18 Macao Macedonia X X Madagascar Malaysia X X X Malta X Mauritius X X X Mexico X X X X Moldova X X X X X Mongolia X X X X Morocco X X X X Mozambique X X X X Myanmar Nepal Namibia X X X Netherlands X X Netherlands Antilles X X X New Zealand X X X Nicaragua Norway X X X Oman X X X X X Pakistan


140


available


Bank






day


RTGS


through an RTGS

Paraguay X X X X Peru X X Philippines X X Poland X X X Portugal X 19 X X X X Qatar Romania X X X X Russia 20 X X Rwanda 21 San Marino X Saudi Arabia Serbia X X X X X Singapore X X X Slovak Republic Slovenia Giro Clearing Syst. X X X Slovenia Processing Centre X Solomon Islands X X X X X X South Africa X X X Spain X X X Sri Lanka X X X Sudan Swaziland X X X Sweden X X X X Switzerland 22 X X X Taiwan X X X Tajikistan Tanzania X X X X X Thailand X X X Trinidad and Tobago X X X Turkey Uganda X X X X Ukraine United Arab Emirates United Kingdom X X X USA X 23 X X X Uruguay X 24 25 X X Venezuela X X X X Yemen Zambia X X Zimbabwe X

1 Only Belgian Post can be and is non-bank member. 2 For legal reasons, settlement of net position takes place on LVTS participant’s ACSS settlement sub-accounts

at the Bank of Canada, which are funded and de-funded through LVTS payment transfers to and from the participants’ LVTS settlement accounts at the Bank of Canada.

3 So far, direct debits have not been implemented in Cape Verde. However, interbank transfers are processed through the non automated Clearing House in which, other than the commercial banks, the Treasury is a direct participant.

4 ACH for Retail Credit Transfers only. 5 There is only one unique payments system in the Czech Republic working on RTGS basis for all types of

payments, operated by the central bank.


141

6 2006, but still not widely used. 7 Only direct debit is allowed. 8 The direct debits are settled in the form direct credits. 9 There is no ACH in Finland, direct credits and debits are available for customers, but processed in

decentralized systems. 10 Credit transfers, direct debits, cheques, and more generally any cashless payment instrument (excepted credit

transfers whose amount exceeds € 800,000), are processed trough the unique French ACH. 11 The Bundesbank operates one of the ACH. There are a number of other service providers. Very popular is the

exchange between bigger banks very often according to bilateral settlement. 12 Is in the process of implementation. 13 The Hungarian ACH is a gross system, so no net balances are calculated. Gross balances settled at 7:00,

before the RTGS opening. 14 The Hungarian ACH is a gross system, so no net balances are calculated. Gross balances settled at 7:00,

before the RTGS opening. 15 For Mumbai only. 16 At RBI centres. 17 There is no ACH in Ireland. The Irish retail payment system is based on a series of bi-lateral arrangements for

the exchange and settlement of paper and electronic payment instruments between participating banks. The underlying interbank liabilities are settled on a multi-lateral net basis in central bank funds in the retail payment system members’ settlement accounts at the Central Bank.

18 ACH for direct credits has been discontinued at the end of 2006 and traffic was moved to a European platform. 19 The central bank has contractually delegated the operation of the ACH to a service provider company. 20 Concerning subsections III.5 and III.6: Automated Clearinghouse - non-banking organizations which are

carrying out clearing and payment card’s settlements and processing companies carrying out payment cards clearing.

21 No Automated Clearing House is in place. Direct debits and standing orders are operated on a small scale by some banks; However, in case they are inter-bank, they are handled in the usual clearing house sessions.

22 For e and f, payments are settled in the RTGS system as bilateral aggregated gross positions. 23 The central bank is one of two operators in the national ACH network. The other operator is a private-sector

entity. 24 It is being developed. 25 It is highly probable.


142


Table III.6 ACH risk controls


management mechanism is

in place



Limits are in place to limit significant exposures

There is a specific

guarantee fund in place for the

system

Risk management mechanisms

ensure completion of the operating

day in case of the inability to settle

Central bank or Operator ultimately

provides liquidity to the system

Afghanistan Albania X X X X Algeria X X Angola Argentina X X X Armenia Australia X X Austria X Azerbaijan X X X Bahamas X BCEAO X X X Belarus X X Belgium X X Belize Bhutan Bolivia X X X Bosnia -Herzegovina Botswana X X X X X Brazil CIP X X X Brazil TecBan X X X X Bulgaria X X Cambodia Canada X 1 X 2 Cape Verde Chile China Colombia CB's ACH: CENIT X X Colombia private ACH X X Costa Rica X Croatia X X X X Cyprus X X Czech Republic D. R. of Congo Denmark X Dominican Republic X X X ECCB Egypt X X El Salvador Estonia X X X X Fiji Finland France X X


143



in place




There is a specific


system






Georgia Germany Ghana Greece X Guatemala Guyana Honduras X X X Hong Kong X X X X India X Indonesia X X X Hungary 3 Iceland X X X X X Iran Ireland 4 Israel X X Italy X X X Jamaica X Japan X X X Jordan X Kazakhstan X X X X X Kenya X X Kuwait Kyrgyz Republic X X X Latvia X Lebanon Lesotho Lithuania X Luxembourg Macao Macedonia X X Madagascar Malaysia X 5 X Malta Mauritius X X X Mexico X X Moldova X X X Mongolia X X X Morocco X X Mozambique X Myanmar Namibia X X Nepal Netherlands X Netherlands Antilles X X New Zealand X Nicaragua X Norway X X X


144



in place




There is a specific


system






Oman X X X Pakistan Paraguay Peru X X Philippines X X Poland X X Portugal X X Qatar Romania X X X Russia 6 X X X Rwanda San Marino Saudi Arabia Serbia X X X X Singapore X Slovak Republic Slovenia Giro Clearing System X X X Slovenia Processing Centre Solomon Islands X X South Africa X X Spain X X Sri Lanka X X Sudan Swaziland Sweden X X Switzerland X Taiwan X Tajikistan Tanzania X X X Thailand 7 X X Trinidad and Tobago X Turkey Uganda X X X Ukraine United Arab Emirates United Kingdom X USA 8 X X Uruguay Venezuela X X X Yemen Zambia X X Zimbabwe

1 Some but not all payments settled in the ACSS (which include ACH-type debits and credits) are subject to unwind. 2 There are loss allocation rules that require surviving participants to contribute to a pool that covers the post-unwind

re-calculated net debit position of the failed participant. 3 The Hungarian ACH is a gross system, so credit risk is eliminated. 4 See note under III.5 above. Discussions are currently in progress aimed at putting in place a mechanism to ensure

completion of settlement in the event of default by the retail electronic clearing system’s single biggest participant.


145

5 Member banks are binded with our service level agreement which also covers the operating manual and operating rules.

6 Concerning subsections III.5 and III.6: Automated Clearinghouse - non-banking organizations which are carrying out clearing and payment card’s settlements and processing companies carrying out payment cards clearing.

7 Currently, the ACH is operated by the Bank of Thailand. However, from 15 October 2007, it will be migrated to the private company named National ITMX co., ltd.

8 Answers below apply only to the central bank’s ACH services. Information on the private-sector ACH operator is not available.


146


Table III.7 Payment card systems main features

Local brands dominate the card market

International brands dominate the marketplace

There is more than one

payment card switch

There is more than one card processing centre/clearinghouse


RTGS

Final settlement in Central Bank

money, but not through RTGS

Afghanistan Albania X X Algeria X Angola X X X Argentina X X Armenia X 1 X X Australia X X X X X Austria X X X Azerbaijan X X X Bahamas X X BCEAO X X X Belarus X X Belgium 2 X 3 X 4 X Belize X Bhutan X Bolivia X X X Bosnia - Herzegovina X X X Botswana X X Brazil X X X Bulgaria X X Cambodia X X Canada X X X X X 5 Cape Verde X X X Chile X X China X X Colombia X X X Costa Rica X X Croatia X Cyprus X Czech Republic X X D. R. of Congo X Denmark X X X Dominican Republic X X X X ECCB X X X Egypt 6 X 7 X X X X El Salvador X Estonia X X Fiji X X Finland X X X 8 France X X Georgia X X X Germany X X X Ghana X X X


147




payment card switch



RTGS



Greece X X Guatemala X X Guyana X Honduras X X Hong Kong X X X X Hungary X Iceland X X India X X X X 9 Indonesia X X X Iran X X Ireland X 10 X 11 Israel X X 12 X 13 Italy X X X X 14 Jamaica X X Japan X X X X Jordan X X Kazakhstan X X X X Kenya X X Kuwait X Kyrgyz Republic X X X 15 Latvia X X X X Lebanon X X X X Lesotho Lithuania X X X Luxembourg 13 X Macao Macedonia X X Madagascar X Malaysia X X X X Malta X X X X X Mauritius X X Mexico X X X X 16 Moldova X X X Mongolia X X X Morocco X X Mozambique X X X X Myanmar Namibia X Nepal X Netherlands X X Netherlands Antilles X X X New Zealand X X X Nicaragua X X X X Norway X X Oman X X X Pakistan X X X X Paraguay X X X Peru X


148




payment card switch



RTGS



Philippines X X X X Poland X X X Portugal X X X Qatar X Romania X X X Russia X X X Rwanda 17 X X San Marino X Saudi Arabia X X Serbia X X X Singapore X X X X Slovak Republic X X Slovenia X X X Solomon Islands X X South Africa X X X X Spain X X X X 18 Sri Lanka X Sudan X X X Swaziland Sweden X X Switzerland X X X Taiwan X X X Tajikistan X Tanzania X X X X Thailand X X X Trinidad and Tobago X X X Turkey X X Uganda X X Ukraine X X X United Arab Emirates X X United Kingdom X USA X X X Uruguay X X X X Venezuela X X X Yemen X X X Zambia X X X Zimbabwe X X X X

1 The volume and value of payment cards with local and international brands are almost the same. 2 Card payments are settled through the CEC. 3 For debit cards. 4 For debit cards. 5 Indirectly through LVTS, directly through ACSS, for local debit card payments in central bank money. 6 There are 2 cards operators in the Egyptian market. The first is the Egyptian Banks Company EBC (123) network

provider constituted of 33 banks and the post office. The other one is related to the National Bank of Egypt. 7 “123” is the brand for EBC Switch. 8 Refers to Debit cards system. For credit cards system please read answers to point e) and f) as: no, no. 9 Only the transactions routed through the National Financial Switch are settled in central bank money. 10 Local brand (known as LASER) would dominate in the debit card market. 11 International brands would dominate in the credit card market. 12 The credit card companies are doing the clearing process, and the final settlement is done via ACH. 13 Through ACH


149

14 Only for local brand. 15 Card payment systems Alai Card, Elcard, Demir 24. 16 e and f answers are valid for all card processing centers. 17 Settlement occurs in a commercial bank, the commercial bank uses an RTGS. 18 One bank acquires VISA international as the national switch does the same for MasterCard. Their values and

volumes are on a steady increase. 19 For the 3 card schemes existing in Spain.


150


Table III.8 Payment card systems: ATMs and POS

(see questionnaire for explanation of rankings)

Interoperability of ATM Interoperability of POS Payment cards are used extensively (not only for cash withdrawals at ATMs)

Afghanistan Albania 3 3 2 Algeria 1 1 3 Angola 1 1 3 Argentina 1 2 3 Armenia 2 2 3 Australia 1 1 1 Austria 1 1 1 Azerbaijan 1 Bahamas 3 3 3 BCEAO 3 3 3 Belarus 2 2 2 Belgium 2 1 1 Belize 2 2 Bhutan 3 3 2 Bolivia 2 1 3 Bosnia - Herzegovina 2 2 2 Botswana 2 1 2 Brazil 3 3 1 Bulgaria 1 1 2 Cambodia 2 Canada 1 1 1 Cape Verde 1 1 2 Chile x x x China 3 3 2 Colombia 1 1 1 Costa Rica 3 2 1 Croatia 1 1 1 Cyprus 2 1 2 Czech Republic 1 1 2 D. R. of Congo Denmark 1 1 1 Dominican Republic 1 2 1 ECCB 2 2 2 Egypt 2 2 3 El Salvador 1 1 1 Estonia 1 1 1 Fiji 3 3 3 Finland 1 1 1 France 1 1 1 Georgia 1 2 3 Germany 1 1 2 Ghana 2 3 3 Greece 2 1 2


151


Guatemala 1 2 3 Guyana 3 3 3 Honduras 2 1 2 Hong Kong 2 2 2 Hungary 1 1 2 Iceland 1 1 1 India 2 1 1 Indonesia 1 3 2 Iran 1 1 3 Ireland 1 1 1 Israel 1 1 1 Italy 1 1 2 Jamaica 1 1 1 Japan 1 2 3 Jordan 2 2 2 Kazakhstan 1 1 2 Kenya 2 2 3 Kuwait 1 2 3 Kyrgyz Republic 2 2 3 Latvia 1 2 1 Lebanon 1 1 2 Lesotho 2 3 Lithuania 1 1 1 Luxembourg 1 1 1 Macao Macedonia 2 2 2 Madagascar 3 3 3 Malaysia 2 2 2 Malta 2 3 1 Mauritius 1 1 1 Mexico 1 1 2 Moldova 2 2 3 Mongolia 3 3 3 Morocco 1 1 3 Mozambique Myanmar Namibia 1 1 2 Nepal 1 3 2 Netherlands 2 1 3 Netherlands Antilles 1 1 1 New Zealand 1 1 1 Nicaragua Norway 1 1 1 Oman 1 3 2 Pakistan 1 3 1 Paraguay 1 1 1 Peru 3 3 Philippines 1 2 3 Poland 2 1 2 Portugal 1 1 1


152


Qatar x Romania 1 1 3 Russia 2 3 3 Rwanda 2 1 1 2 San Marino 1 1 1 Saudi Arabia 1 1 1 Serbia 1 1 Singapore 3 2 1 Slovak Republic 1 1 2 Slovenia 1 1 1 Solomon Islands 1 3 3 South Africa 1 1 1 Spain 1 1 1 Sri Lanka 3 1 1 Sudan 2 2 3 Swaziland Sweden 1 1 1 Switzerland 1 1 1 Taiwan 1 1 1 Tajikistan 2 2 3 Tanzania 2 3 3 Thailand 1 2 3 Trinidad and Tobago 2 1 1 Turkey 2 1 3 Uganda 2 1 1 Ukraine 2 2 3 United Arab Emirates x x United Kingdom 1 1 1 USA 1 1 1 Uruguay 1 1 3 Venezuela 1 2 1 Yemen 1 2 3 Zambia 3 3 3 Zimbabwe 2 2 3

1 Situation in our country is below: payment cards are mostly used for withdrawal money from ATMs. There are

two CPC. ATMs are owned by banks serving in the same CPC are interoperable. But interoperability of ATMs between different CPC is absent. All POS terminals are interoperable.

2 Payment cards are also used on POS terminals and some economic agents do accept international cards-both credit and debit.


153


Table III.9 Comments and clarifications in relation to question III.8

Comments Angola The challenges of the retail payment systems is to promote the use o POS

BCEAO The implementation of a Regional Processing Center will promote the use of electronic payments in order to reduce paper based documents as well as transactions processing costs

Botswana All VISA are interoperable. Non Bank Financial Institutions’ ATM/POS are not interoperable at this point

Brazil

Concerning ATM, there are two networks with open access ATM (TecBan and RVA) where the associated banks cash withdraw cards can be used seamlessly, nevertheless all biggest banks give incentives to their clients to use their proprietary ATM network, which is not interoperable. Recently, there have been some bilateral agreements on opening the access to ATM.

Egypt

Most bank card operations are cleared via the EBC switch. A total of 33 banks and Egypt Post are members of the EBC, which provides switching for cards issued in Egypt and used locally and is also a gateway for international processing. At present, all transactions with cards using the major brands like Visa and MasterCard must travel abroad for approval purposes. The EBC then calculates inter-bank obligations for local cards used in Egypt. The cut-off time is 5:00 p.m. At that moment, the EBC calculates multilateral net positions and sends them to the CBE for settlement. Settlement occurs in the following morning.

Ghana Almost all POS accept the domestic debit cards, as the acceptance of credit cards concerns mainly on petrol-stations, travel-agencies, hotels, restaurants etc. ATM and POS transactions are at the rate of ca. 1:1

Greece Regarding item III.8 a., all ATMs of the credit institutions which participate in the national ATM switching network are interoperable.

Guatemala The Central Bank lacks on information related to the payment cards systems and procedures

Guyana There is no payment card switch. Payment cards are primarily use for cash withdrawals at ATMs

Honduras

7/b.) 97% of the cards are bearing Visa or MasterCard brands 7/d.) domestic clearing are made by Visa or MasterCard; + minority of the transactions are cleared by a local clearing house (Giro bankcard Co.) 8/c.) 52% of the transactions are cash withdrawals

India The debit cards are mostly used for cash withdrawals.

Iran Since all the cards are “Debit Cards” they are not nomally used as payment instruments

Israel

Once the RTGS system is implemented the settlement if the Cheque Clearing House and the Automated Clearing House will be switched to the RTGS system. Cheque settlement will only take place once per day, but ACH settlement will occur several times during the day. The Reform process includes provisions for additional risk control measures including guarantee funds to ensure that settlement does take place.

Italy The interoperability is always full within the same brand for ATM and POS, irrespectively of the issuing and acquiring institution. Moreover, the large majority of ATM and POS have multi-branded functionality

Kazakhstan In Kazakhstan, 90% of all payments, conducted by Kazakhstan payment cards are cash withdrawal transactions

Kenya ATMs in Kenya are generally owned by big banks which prefer operating their own ATM networks but link into non-bank based ATMs to increase outreach. Visa Branded cards can be used on almost all ATMs

Kyrgyz Republic

Only ATM and POS of international payment systems (VISA, MasterCard) can provide interoperability It is expected that by the end of 2007 the interoperability between national and local card systems as well as international VISA would be provide

Latvia Almost all issued cards are international. Mozambique Not full interoperable Netherlands All three are very well developed. Poland About 40% of total card transactions are cashless transactions, 60% are


154

Comments cash withdrawals at ATMs.

Russia

Concerning points a and b: The majority of cards issued by Russian credit organizations are products of international payment systems. Cards of the given payment systems could be used in the overwhelming majority of ATMs and terminals in the country. There are local payment systems also, but the scope of use of their card products in ATMs and terminals network is limited.

South Africa All are interoperable

Sudan The interoperability of ATM Systems and POS Terminals is the highest for local brand Cards, the International brand Cards are Not operating in the country yet

Trinidad and Tobago POS terminals accommodate both debit and credit cards. One mutual fund company and one Credit Union issue debit cards which are used at their terminals only

Uganda

The majority of cards are ATM cards mostly used for cash withdrawal. There are a few EFTPOS networks implemented by individual banks for the exclusive use of their customers. These EFTPOS systems are operated on the internal ATM switches of individual banks. Plans are underway to implement the EFTPOS system on the national payment switch, which should then broaden access of EFTPOS services to a much larger customer base

Yemen ATMs and POS terminals are not yet interoperable. Payment cards are not used extensively as payment instruments

Zimbabwe The rankings indicate the extent of existence of interoperability of cards. However, the ranking could have been based on some other criteria


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Table III.10 Accessibility of non-cash payment instruments and services for individuals through:

(see questionnaire for explanation of rankings)

Commercial banks Non-bank financial institutions Postal system Other

Afghanistan 2 Albania 1 2 Algeria 1 3 1 Angola 1 Argentina 1 2 3 Armenia 1 3 2 Australia 1 1 2 Austria 1 Azerbaijan 1 3 2 Bahamas 1 2 3 BCEAO 3 2 2 Belarus 1 3 Belgium 1 1 1 Belize 1 3 3 Bhutan 1 2 2 Bolivia 2 2 2 Bosnia – Herzegovina 2 1 1

Botswana 1 3 2 Brazil 1 2 3 Bulgaria 1 1 1 Cambodia 1 Canada 1 1 2 3 1 Cape Verde 2 2 Chile 1 2 China 3 1 2 Colombia 2 2 Costa Rica 1 2 3 Croatia 1 2 2 Cyprus 1 1 1 2 Czech Republic 1 1 D. R. of Congo 3 3 3 Denmark 1 1 Dominican Republic 1 3 3 ECCB 1 3 2 Egypt 2 3 3 1 El Salvador 1 3 Estonia 1 1 2 Fiji 3 3 Finland 1 1 1 France 1 1 Georgia 1 2 3 Germany 1 3 2 Ghana 1 3 3


156


Greece 1 2 3 Guatemala 1 2 3 Guyana 1 3 3 Honduras 2 3 Hong Kong 1 1 3 Hungary 1 1 1 Iceland 1 1 India 1 3 2 Indonesia 1 3 2 Iran 1 1 Ireland 1 1 2 2 Israel 1 1 Italy 2 2 2 Jamaica 2 1 1 Japan 1 2 3 Jordan 1 Kazakhstan 1 3 2 Kenya 2 3 1 3 Kuwait 1 2 3 Kyrgyz Republic 1 3 2 3 Latvia 1 1 Lebanon 1 2 Lesotho 2 3 3 Lithuania 1 3 1 Luxembourg 1 3 1 Macao 1 2 3 Macedonia 1 3 1 Madagascar 3 3 3 Malaysia 1 2 3 Malta 1 2 Mauritius 1 3 3 Mexico 2 3 3 Moldova 1 Mongolia 1 2 3 Morocco 1 3 1 Mozambique 3 3 Myanmar Namibia 2 3 1 Nepal 1 2 3 Netherlands 1 2 3 Netherlands Antilles 1 3 3 New Zealand 1 1 3 Nicaragua 1 2 3 Norway 1 1 1 Oman 1 2 Pakistan 1 Paraguay 1 1 3 Peru 1 Philippines 1 3 4 2 Poland 1 2 1


157


Portugal 1 1 2 Qatar 1 2 Romania 1 2 2 Russia 1 3 1 3 Rwanda 1 2 3 San Marino 1 1 2 Saudi Arabia 1 Serbia 1 3 1 Singapore 1 1 3 Slovak Republic 1 2 1 Slovenia 1 2 3 Solomon Islands 2 3 1 South Africa 1 3 2 Spain 1 1 Sri Lanka 1 3 2 Sudan 1 3 3 Swaziland 2 Sweden 1 Switzerland 1 1 1 1 3 Taiwan 1 3 2 Tajikistan 1 1 3 Tanzania 2 3 2 Thailand 1 3 3 Trinidad and Tobago 1 3 2 2 4 Turkey 1 3 1 Uganda 2 3 3 Ukraine 1 United Arab Emirates 3 3 3 United Kingdom 1 1 1 USA 1 1 3 Uruguay 1 1 3 Venezuela 1 3 3 Yemen 1 2 3 Zambia 2 3 3 Zimbabwe 2 3 3

1 Money transfer, traveler’s cheques 2 Money Transfer Bureaux. 3 3-party post paid payment service provider (eg ClickandBuy, Telkom T-Pay) and e-money institutions (like

Crandy, PayPal – Luxembourg). 4 Retailers. 5 Phone cards, Discount cards.


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Table III.11 Comments or clarifications in relation to question III.10

Comments

Angola There is a legal provision for post office and non bank institution to provide non-cash payment instrument but at moment there is none

Armenia Q III.10.b- Only universal credit organizations may offer the issuance and service of credit cards, but only for the provided loan

Belize

Commercial banks are heavily marketing non-cash payment instruments and services. Customers are able to access debit/credit cards, electronic payroll, and on-line bill payment services. Electronic payroll and on-line bill payments are intrabank only. However, banks do offer to provide interbank payroll services, whereby information and settlements are executed manually

Colombia

”Accessibility” is difficult to assess. From a formal point of view, access is open to any accountholder. Moreover, almost all saving accounts holders are requiered to take a debit card as the mandatory payment instrument to order transactions on its account. But in practice, bancarization is relatively low and banks impose some restrictions on access by low income or low credit quality customers.

Cyprus The postal system does not provide payment services

Egypt

Some commercial establishments like malls, supermarkets and home appliance stores, in cooperation, with banks offer their clients fidelity cards. In addition, in the telecommunications industry several kinds of prepaid cards are offered in the market, Vodafone issued recently a cash transfer facility through prepaid cards via phone numbers.

Germany The offers for payments in Germany are mainly concentrated on banks owing to the fact that the “giro business” is considered as banking business.

India The debit cards are mostly used for cash withdrawals.

Italy The rank is based on the consideration that only 75% of the Italian families have a banking or postal current account

Kenya Accessibility is dependent on the availability of ATM terminals/distribution network in the country

Latvia According to Latvian law, only banks, licensed electronic money institutions and post are allowed to offer payment services.

Lebanon Local cards can be also provided directly from the issuing companies

Luxembourg Provision of non-cash payment instruments is limited to the banking sector and the postal system

Oman There are only two sets of institutions providing accessibility to non-cash payment instruments.

Paraguay Credit and Debit Cards payment in merchant. 2 Check Payment in merchant. 3

Russia Concerning point c the population accessibility to money transfer service through postal system – 1, accessibility to payment tools – 3.

South Africa b) Do not provide payment instruments

Sudan

The Non-cash payment has been recently used since 2006 after the implementation of National Switch & the Image-based Electronic Clearing Systems., Now the usage of Non-cash instruments in the country is growing rapidly backed by the rapid growth of communication services.

Swaziland There are no co-operative and postal banks. Non-banking financial institutions only grant loans and accept money savings from salary deductions.

Trinidad and Tobago

Debit and credit cards are provided by all but 1 bank which is foreign-owned. One bank provides debit but no credit cards. Some banks also provide pre-paid gift cards. Pne mutual fund company and one credit union issue debit cards

Uganda Access to non-cash payment services in the country is still significantly constrained by low bank account numbers relative to the population. There are only about 2 million bank and NBFIs accounts for a population of 28 million


159

FOREIGN EXCHANGE SETTLEMENT SYSTEMS

Table IV.1 General Issues

One foreign currency

accounts for 90 percent or more of

total FX transactions

The Central Bank offers current account services to banks and/or other institutions in at least one

major foreign currency

There are restrictions on FX dealings, and the FX market is not very active

Afghanistan X X Albania X X Algeria X X Angola X X X Argentina X X Armenia X X Australia Austria Azerbaijan X X Bahamas X X BCEAO Belarus Belgium X Belize X Bhutan X Bolivia X X Bosnia –Herzegovina Botswana X Brazil X X Bulgaria X Cambodia X Canada X 1 Cape Verde Chile X X China X Colombia X X Costa Rica X X Croatia X Cyprus X Czech Republic X D. R. of Congo X X Denmark X Dominican Republic ECCB X Egypt X 2 El Salvador 3 Estonia X 4 X 5 Fiji X Finland X France Georgia Germany X 6 Ghana X Greece


160

One foreign currency accounts for 90

percent or more of total FX transactions




Guatemala X X Guyana X Honduras X X X Hong Kong X Hungary 7 X Iceland X 8 India X 9

Indonesia X Iran X Ireland Israel X X Italy Jamaica X Japan Jordan X Kazakhstan X Kenya X X Kuwait X X Kyrgyz Republic X Latvia X Lebanon X X Lesotho Lithuania X Luxembourg Macao X Macedonia Madagascar Malaysia Malta Mauritius X Mexico X X Moldova Mongolia X X Morocco Mozambique X X Myanmar X X Namibia Nepal X Netherlands Netherlands Antilles X New Zealand X 10 Nicaragua X X X Norway Oman X Pakistan X Paraguay Peru X X Philippines X


161

One foreign currency accounts for 90

percent or more of total FX transactions




Poland Portugal Qatar Romania X Russia X Rwanda 11 X X San Marino X Saudi Arabia Serbia X X Singapore X Slovak Republic Slovenia X Solomon Islands X X South Africa Spain X Sri Lanka Sudan X X Swaziland Sweden Switzerland Taiwan X Tajikistan X X Tanzania X X Thailand X Trinidad and Tobago X Turkey X Uganda X Ukraine United Arab Emirates X United Kingdom X USA Uruguay X X Venezuela 12 X X Yemen X X Zambia X Zimbabwe X X X

1 One foreign currency (USD) accounts for 90 (89) percent or more of total FX transactions involving CAD as the

counter currency 2 Settlement on shadow accounts while the actual fund is kept at correspondent. 3 Due to the fact that El Salvador has dollar as legal tender currency, it does not exist a centralized FX market. 4 But only in last year. 5 Only for settlement purposes of TARGET. 6 Not widely used. 7 Please note that we have information only on the transactions reported by the resident credit institutions on

Hungarian FX OTC market, we do not possess data on HUF trades offshore FX markets by foreign institutions. We can answer these questions only on the available dataset.

8 I.e. in the foreign exchange interbank market (EUROS). 9 Though FX market is very active and liquid, there are certain restrictions in respect of some capital flow, though the

current account transactions are not restricted. 10 Where total FX transactions include spot, outright forward and swap transactions. 11 Restrictions are there but very light and the market is quiet active. 12 The following restrictions apply: (1) Approval by the Central Bank of Venezuela (CBV) of an allocation of foreign

exchange to be managed by the Foreign Exchange Administration Commission in the context of the current foreign


162

exchange administration scheme; (2) accomplishment of requirements to grant the authorizations for buying foreign exchange, including, user census, national taxes compliance certifications and payment of duties with government offices; (3) authorization is required and establishment of thresholds to buy foreign exchange regarding educational expenses abroad, remittances abroad, medical expenses, settlement of pensions and traveling abroad, among others invisibles; and (4) Controlling the exportation of goods, services or technologies, with notification requirements previous to the exportation, registering and duty of selling the foreign exchange to the CBV.


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Table IV.2 Statistics for the main foreign currency traded in the interbank/wholesale market

Total traded amounts (in US$ million) OTC market (in US$ million) Exchange-traded (in US$ million)

2006 2004 2002 2006 2004 2002 2006 2004 2002 Albania 13,000 10,000 300 Argentina 75,592 51,747 33,924 75,592 51,747 33,924 Armenia 4,584 2,922 310 4,200 2,900 310 384 22 Australia 45,000,000 30,250,000 23,250,000 Azerbaijan 10,380 5,565 7,210 3,917 3,170 1,648 Bolivia 282 Brazil 520,580 380,338 373,861 452,708 380,338 373,861 67,872 Bulgaria 2,749 3,543 4,466 Canada 14,250,000 12,750,000 10,000,000 Chile 382,719 324,647 205,409 Colombia 160,200 107,700 82,800 Costa Rica 3,828 2,502 1,846 Croatia 3,573 2,297 760 Cyprus 2,049 183 380 Czech Republic 2,100 1,222 725 D. R. of Congo 720 Egypt 33,863 Estonia 18,666 18,515 11,168 186,663 18,515 11,168 Finland 1,550 1,386 1,550 1,386 France* nav 15,750,000 12,000,000 Georgia 697 278 103 697 278 103 Germany 24,750,000 29,500,000 22,000,000 Guatemala 81 15,200 Hong Kong 6,532,500 Hungary 3,856 2,962 1,512 Iceland 62,991 13,504 9,095 Indonesia 766,000 736,000 428,000 Italy 3,750 3,000 5,000 4,250 Japan 12,592,750 11,765,250 9,465,250 Jordan 347 743 685 Kenya 13,000 10,000 6,000 Kuwait 18,823 9,527 5,354 Kyrgyz Republic 351 133 89 Latvia 1,046,062 835,869 193,697 Lithuania 156,125 127,750 65,182 Macedonia 592 440 90 Malaysia 427 271 123 Mauritius 18 66 18 1,230 Mexico 5,900,757 4,978,535 5,006,496 60,273 14,005 521 Moldova 834 1,186 477 834 1,186 477 New Zealand 3,000,000 1,724,000 870,000 Norway 2,187 12,800 Pakistan 92,480 52,640 42,310


164

Total traded amounts (in US$ million) OTC market (in US$ million) Exchange-traded (in US$ million)

2006 2004 2002 2006 2004 2002 2006 2004 2002 Peru 22,717 21,500 19,001 Philippines 114,000 39,000 30,000 Russia 9,925,000 5,818,000 1,670,000 8,985,000 5,471,000 1,607,000 940,000 347,000 63,000 San Marino 824 522 Serbia Slovenia 64,125 16,625 10,455 Spain 3,136,000 2,508,000 1,819,000 Sri Lanka 10,791 4,284 118,000 Sweden 2,901,622 1,900,548 Taiwan 2,298,119 1,740,408 891,955 Tajikistan 162 119 1,410 Tanzania 712 979 846 Thailand 2,199,450 846,730 Trinidad & Tobago 113 Turkey 4,324,400 626,200 nav 4,324,400 626,200 nav nap nap nap Uganda 120 80 Ukraine 37,802 28,495 14,438 United Kingdom 18,600,000 11,300,000 United States 62,351,750 43,760,750 25,027,750 Zambia 3,917 3,606 3,133 Zimbabwe 419 419

Notes: Countries that did not provide any figures are not presented in this table.

* Data reported in this table as 2002 is actually from 2001. 1 All figures were converted in US dollars using year average exchange rates. Source for Exchange Rates: World

Bank DDP. 2 Since it is not possible to determine with precision from survey information whether gaps in the information

provided by many countries are due to the unavailability of data or simply because FX currencies are not traded in either OTC markets or exchanges, the corresponding cells were left blank. For these same reasons, no attempt was made to add figures from OTC markets and exchanges in order to obtain total traded amounts, except when the latter were provided directly by the central banks concerned.


165


Table IV.3

If an organized foreign currency market exists in the country, please answer the questions below


accounts for 90 percent or more of total

FX transactions

Settlement of foreign

currency deals at the

exchange are settled by the

exchange

Settlement of FX deals occurs on a Payment versus

Payment basis solely through settlement

accounts at the Central Bank

Settlement of FX deals occurs on a Payment versus Payment basis through a combination Central Bank (domestic

leg) and foreign correspondent banks

Settlement of FX deals occurs on a Payment versus Payment solely through foreign correspondent

banks

No Payment versus

Payment procedure in place

Afghanistan X Albania Algeria X X X Angola X X Argentina X X X Armenia X Australia Austria X Azerbaijan X X Bahamas X X BCEAO Belarus X Belgium Belize Bhutan X X Bolivia Bosnia – Herzegovina Botswana X X X X Brazil X X Bulgaria Cambodia Canada Cape Verde Chile X X China X Colombia X X 1 Costa Rica X X Croatia Cyprus Czech Republic D. R. of Congo X X X Denmark Dominican Republic ECCB Egypt X 2 El Salvador 3 Estonia X 4 X Fiji Finland France


166



FX transactions




exchange







banks

No Payment versus


Georgia X Germany 5 Ghana X Greece X X Guatemala X X X Guyana Honduras Hong Kong Hungary 6 Iceland X X India X 7 X X 8 Indonesia X Iran X X Ireland Israel X X 9 X Italy X Jamaica X X X Japan Jordan Kazakhstan X Kenya X X X Kuwait X X X X Kyrgyz Republic X X Latvia X Lebanon Lesotho Lithuania Luxembourg Macao X X Macedonia Madagascar X Malaysia X Malta Mauritius X Mexico X X X Moldova Mongolia X Morocco Mozambique X X Myanmar Namibia Nepal X X X Netherlands Netherlands Antilles New Zealand Nicaragua


167



FX transactions




exchange







banks

No Payment versus


Norway X Oman X X Pakistan X X X Paraguay Peru X X X Philippines X X X Poland Portugal X Qatar Romania X Russia X Rwanda X X San Marino Saudi Arabia Serbia X X Singapore X X X Slovak Republic Slovenia Solomon Islands South Africa X Spain Sri Lanka X X Sudan X X Swaziland X X X Sweden X 10 Switzerland 11 Taiwan Tajikistan X X Tanzania X X Thailand Trinidad and Tobago Turkey Uganda X X Ukraine United Arab Emirates United Kingdom USA Uruguay X X X X Venezuela Yemen X X Zambia X X Zimbabwe X X

1 Expected to start operations by mid 2007. 2 Payment versus payment is not truly guaranteed, FX leg is performed with Correspondent banks outside having

Central Bank as a mediator in a deal that takes 2 days roughly, While domestic leg is performed at Central Bank money on a T+2 basis. Central Bank is engaged in the cycle to ensure delivery of both legs, however they are not tightly linked.


168

3 General Note: Due to the fact that El Salvador has dollar as legal tender currency, it does not exist a centralized FX market.

4 On limited scale. 5 In Germany besides the settlement of foreign currency in CLS Bank no organized foreign currency market

exists. FX trades which are settled outside CLS Bank are settled via correspondent banking and bilateral netting respectively.

6 Stock-exchange trades are settled by the Hungarian CSD/SSS. There are no spot transactions, only derivative transactions (futures and options). If delivery happens settlement procedure follows Payment after Payment method via currency accounts at the CSD/SSS, if delivery is not needed settlement procedure follows single cash settlement method.

7 USD-INR forex segment operated by CCIL does not settle on a PVP basis. There is a time gap. To reduce this risk CCIL acts as a central counterparty and use risk mitigation measures.

8 USD-INR forex segment operated by CCIL does not settle on a PVP basis. There is a time gap. To reduce this risk CCIL acts as a central counterparty and use risk mitigation measures.

9 Derivates. 10 CLS Bank. 11 There is no foreign currency market in Switzerland.


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Table IV.4 OTC markets

There is an organized mechanism or

procedure for FX traded to be settled on

a Payment versus Payment basis

The time lag between the confirmation of settlement of the

foreign currency leg and of the domestic

currency leg does not exceed 2 hours


foreign currency leg and the domestic

currency leg exceeds 2 hours but less than 24

hours



currency leg exceeds 24 hours

No significant information is

available on the risks in the

foreign currency market

Afghanistan Albania X X Algeria X X Angola Argentina X Armenia X Australia X X Austria X 1 X 2 Azerbaijan X X Bahamas BCEAO Belarus X Belgium X X Belize Bhutan X X Bolivia Bosnia - Herzegovina Botswana X X Brazil X X Bulgaria X Cambodia Canada 3 X X X 4 Cape Verde Chile X X China X Colombia X X Costa Rica X X Croatia X Cyprus X Czech Republic X D. R. of Congo X X X Denmark X X Dominican Republic ECCB Egypt X X El Salvador 5 Estonia X X Fiji Finland X X France 6 X X X X


170










hours







Georgia Germany X 7 X 8 X 9 Ghana Greece X X Guatemala X Guyana X Honduras Hong Kong X X Hungary X 10 Iceland India X 11 X 12 X Indonesia X Iran X X Ireland Israel Italy X Jamaica X X Japan X X Jordan X X Kazakhstan X Kenya X Kuwait X X X Kyrgyz Republic X X Latvia X X Lebanon X X Lesotho Lithuania X X Luxembourg Macao X Macedonia X Madagascar X Malaysia X X Malta Mauritius X Mexico X Moldova X Mongolia X Morocco Mozambique Myanmar Namibia X X Nepal Netherlands X 13 X 14 Netherlands Antilles New Zealand X 15


171










hours







Nicaragua Norway X Oman X Pakistan X Paraguay Peru X Philippines X X Poland Portugal Qatar Romania X Russia X X Rwanda X X San Marino X Saudi Arabia Serbia X X Singapore X Slovak Republic Slovenia Solomon Islands South Africa X X Spain X 16 X 17 Sri Lanka X Sudan X X Swaziland X X X Sweden X Switzerland X 18 X X Taiwan X Tajikistan Tanzania X X X X Thailand X Trinidad and Tobago X X Turkey X Uganda X Ukraine United Arab Emirates United Kingdom X X USA 17 X Uruguay X X Venezuela Yemen X X Zambia Zimbabwe

1 CLS Bank 2 Non CLS Bank.


172

3 This is a difficult section to answer. All spot and most derivatives transactions involving CAD trade OTC. Part is settled via CLS Bank (38 per cent) the rest – mainly same-day value trades – settle through correspondents or other non-PVP means.

4 Depending on the trade location and time, maximum confirmation times can be as long as 2 days. This is typically for non-USD trades against CAD outside of CLS Bank.

5 General Note: Due to the fact that El Salvador has dollar as legal tender currency, it does not exist a centralized FX market.

6 It is not relevant to speak of foreign and domestic currency legs in the context of the French FX market. According to some French banks interviewed by the Banque de France, CLS Bank is the main channel used for settling FX transactions. CLS Bank enables to eliminate FX settlement risk thanks to a PVP mechanism. In this case, there is no time lag between the settlements of the two legs of a trade. As regards the exposure time lag to settlement risk, our answers (b., c. and d.) are based on concepts defined in the CPSS reports on FX settlement risk (please refer to these reports on the BIS website). More precisely, an institution’s settlement exposure to a trade is measured considering the so-called irrevocable period (I) (which starts at the time when the institution can no longer unilaterally cancel its instruction to pay the currency being sold and ends when it receives, with finality, the currency it is buying) and uncertain period (U) (which is due to that many institutions do not check their receipts until some time after the final receipt). Depending on the period (I or I+U) considered, the settlement method used and the currencies involved, the exposure duration can be less than 2 hours, between 2 and 24 hours or more than 24 hours.

7 CLS Bank. 8 CLS Bank. 9 Such long time lag might occur in case of foreign currency settled outside CLS Bank. 10 Please note that according to our survey on FX settlement risk in 2006 this length on average was 26 hours, the

figures were between 0 and 118 hours and the standard deviation was 16 hours. The average is not value-weighted. The measurement of the length followed the BIS definition. The length is highly dependent on the fact whether the domestic currency is sold or bought.

11 Guaranteed settlement of trades takes place through CCP arrangement. The There is a time gap of maximum 2 hrs involved for the CCP to settle the two legs of the transactions.

12 ** for the $ / INR segment. 13 CLS Bank. 14 CLS Bank. 15 Major participants in NZ foreign exchange market use CLS Bank to settle the majority of FX trades. 16 CLS Bank is used by few banks to settle their foreign exchange transactions. 17 When CLS Bank is not used. 18 CLS Bank. 19 Based on an April 2006 survey, the majority of FX trades settle through CLS Bank on a PVP basis. Most other

trades settle via traditional correspondent banking arrangements. Depending on the particular currencies and correspondent banking arrangements, the lags can range from minutes to beyond 24 hours.


173

CROSS-BORDER PAYMENTS AND REMITTANCES

Table V.1 Rank the most relevant institution in the area of remittances in your country

(see the questionnaire for details on ranking)

Commercial banks

International money transfer

operators

Local money transfer

operators

Non-bank financial

institutions Postal service Other

Afghanistan 4 3 3 Albania 2 1 3 4 5 Algeria 1 1 1 Angola 1 3 Argentina Armenia 2 1 6 4 5 Australia 1 4 6 6 6 6 Austria Azerbaijan 2 1 4 3 Bahamas 1 2 6 5 4 BCEAO 2 1 4 5 3 6

Belarus 1

Belgium Belize 2 1 6 Bhutan 1 2 5 3 2 Bolivia 4 1 3 2 Bosnia - Herzegovina Botswana 4 1 2 5 3 6 Brazil 1 6 6 6 3 Bulgaria 1 1 2 4 4 Cambodia 1 2 4 6 Canada Cape Verde 1 2 3 Chile 2 1 China 1 5 4 1 1 6 Colombia 1 1 Costa Rica 1 2 4 3 Croatia 1 3 2 Cyprus 1 2 3 Czech Republic 1 2 6 5 5 3 D. R. of Congo 2 1 3 4 5 6 Denmark 1 2 3 4 5 Dominican Republic ECCB 3 1 4 2 Egypt 3 5 4 5 4 5 El Salvador 1 2 5 4 6 3 Estonia Fiji 1 1 5 6 2 Finland 1 2 5 4 3 6 France 1 2 3 Georgia 1 1 2 6 4 Germany 1 2 2 Ghana 1 1 5 6 3 6


174

Commercial banks


operators


operators

Non-bank financial


Greece 3 1 4 5 2 Guatemala 1 1 4 3 5 6 Guyana 2 1 6 5 3 Honduras 1 2 4 3 5 6 Hong Kong 1 2 4 3 5 6 Hungary 1 1 3 2 Iceland 1 India 2 4 3 1 3 2 Indonesia 3 1 4 5 2 6 Iran 1 6 1 6 6 6 Ireland Israel Italy 2 1 4 5 3 6 Jamaica 2 1 3 4 Japan 1 3 2 Jordan 1 2 4 Kazakhstan 1 2 3 Kenya 1 2 4 4 5 6 Kuwait 1 6 1 6 6 6 Kyrgyz Republic 1 2 6 4 Latvia Lebanon 1 2 4 3 Lesotho 1 6 6 6 1 Lithuania 1 3 2 Luxembourg 1 Macao 1 2 Macedonia 2 1 Madagascar Malaysia 1 3 2 5 4 6 Malta 1 2 3 Mauritius 1 4 6 6 6 Mexico 1 2 6 3 4 5 Moldova 2 1 4 3 Mongolia 1 1 6 6 6 Morocco 3 1 5 6 2 Mozambique Myanmar Namibia 1 6 6 6 6 Nepal 3 2 1 4 5 6 Netherlands Netherlands Antilles 1 1 6 6 3 New Zealand Nicaragua Norway 1 2 4 3 6 5 Oman 1 2 3 4 5 6 Pakistan 1 2 3 3 Paraguay Peru 2 1 4 3 Philippines 1 2 3 4 5


175

Commercial banks


operators


operators

Non-bank financial


Poland Portugal 1 4 4 Qatar 1 3 4 2 Romania 1 1 Russia 2 3 3 1 Rwanda 2 1 3 2 1 San Marino 1 6 6 6 6 6 Saudi Arabia 1 Serbia 1 2 6 6 6 6 Singapore 2 3 1 4 Slovak Republic 1 2 3 Slovenia 6 5 Solomon Islands 1 2 3 4 5 6 South Africa 2 3 2 2 2 Spain 4 1 2 5 3 5 Sri Lanka 1 2 6 Sudan 1 3 2 6 4 5 Swaziland 1 5 6 6 2 6 Sweden 1 2 Switzerland 6 Taiwan 1 3 2 Tajikistan X X Tanzania 1 2 5 3 4 6 Thailand 1 3 2 Trinidad and Tobago 2 1 5 6 4 3 Turkey 1 2 Uganda 1 3 5 4 5 Ukraine 1 2 4 3 United Arab Emirates 1 2 United Kingdom 1 2 3 4 5 USA 3 1 2 4 5 6 Uruguay 3 1 2 4 5 6 Venezuela 1 2 3 4 5 6 Yemen 2 3 5 4 1 Zambia 1 2 1 Zimbabwe 2 1 6 6 2 3

1 Please note that Hungarian Post Office and some local operators (these operators are required to apply for

license from the Hungarian Financial Services Authority and acting as agents) sell Western Union’s remittance product as agents.

2 On the basis of the remittances received during 2000. 3 Overseas Principals like Western Union, Moneygram etc. have liaison offices in India for purposes of business

development, marketing etc. These do not directly undertake any money transfer services in India. However, they undertake MTSS through a network of Principals/Sub-agents in India.

4 M-Pesa & Sokote. 5 The market share of Postal service in the remittances market is quite high due to its condition as agent of

international money transfer operators. 6 SNB does not have available the statistical information requested in this chapter.


176


Table V.2 Rank the most relevant institution in the area of remittances in your country

(see the questionnaire for details on ranking)

Cash Current Account Transfers

Payment cards linked to a current account Prepaid cards Mobile

payments Other

Afghanistan 4 5 Albania 1 3 6 6 6 Algeria 2 1 Angola 1 3 Argentina Armenia 1 6 Australia 1 Austria Azerbaijan 1 2 3 Bahamas 2 1 5 6 6 BCEAO 1 2 4 3 6 5 Belarus 1 2 3 Belgium Belize 1 6 Bhutan 1 1 2 2 Bolivia 1 4 Bosnia – Herzegovina Botswana 1 2 4 3 5 6 Brazil 1 4 Bulgaria 1 2 2 2 4 Cambodia 1 2 Canada Cape Verde 2 1 5 Chile 2 1 China 6 5 1 1 1 1 Colombia 1 2 3 Costa Rica 3 1 2 Croatia 2 1 3 4 5 6 Cyprus 3 1 2 5 4 Czech Republic 2 1 5 6 6 D. R. of Congo 1 2 Denmark 3 1 2 Dominican Republic ECCB 1 2 3 4 Egypt 1 5 6 2 6 El Salvador 2 1 3 5 4 Estonia 4 2 1 6 3 Fiji 1 2 6 6 6 Finland 3 1 2 5 4 6 France 2 1 5 5 5 Georgia 1 4 4 6 6 Germany 2 1 6 6 6 6 Ghana 2 Greece 1 2 3


177



payments Other

Guatemala 2 1 2 4 6 5 Guyana 1 1 6 6 6 Honduras 1 2 3 4 5 6 Hong Kong 3 1 2 4 6 5 Hungary 2 1 Iceland 3 2 1 India 1 2 Indonesia 2 1 3 4 5 6 Iran 2 1 6 6 6 6 Ireland Israel Italy 1 2 4 3 5 6 Jamaica 1 2 Japan 2 1 3 4 Jordan 3 2 5 6 6 Kazakhstan 1 1 2 3 Kenya 1 2 4 5 3 Kuwait 2 1 3 2 6 6 Kyrgyz Republic 1 2 6 Latvia Lebanon 1 2 3 4 Lesotho 1 1 6 6 6 Lithuania 1 2 Luxembourg 1 Macao 2 1 3 4 Macedonia 1 2 6 Madagascar Malaysia 1 2 4 5 6 3 Malta 1 2 3 4 Mauritius 6 1 3 5 6 Mexico 1 3 6 6 6 2 Moldova 1 2 3 Mongolia 1 1 6 6 6 Morocco 1 3 4 6 Mozambique Myanmar Namibia Nepal 2 1 6 3 4 5 Netherlands 1 1 1 Netherlands Antilles 1 3 5 New Zealand Nicaragua Norway 3 1 2 5 6 4 Oman Pakistan 3 1 6 6 6 Paraguay Peru X Philippines 2 1 5 3 4 Poland


178



payments Other

Portugal 1 5 Qatar 2 1 Romania 1 2 Russia 1 6 6 Rwanda 1 6 6 6 San Marino 6 1 6 6 6 6 Saudi Arabia 3 1 2 Serbia 2 1 3 4 6 6 Singapore 1 2 5 3 4 Slovak Republic 5 1 2 3 4 6 Slovenia 6 5 Solomon Islands 2 1 3 4 6 South Africa 1 5 6 6 2 Spain 1 2 3 5 4 Sri Lanka 6 6 1 Sudan 2 1 6 5 4 3 Swaziland 3 1 2 6 6 Sweden 3 1 2 Switzerland Taiwan 2 1 3 Tajikistan X Tanzania 2 1 3 4 6 5 Thailand 2 1 Trinidad and Tobago 2 1 4 5 6 3 Turkey 1 Uganda 4 1 5 Ukraine 1 2 United Arab Emirates 1 2 United Kingdom 3 1 2 USA 1 2 3 4 5 6 Uruguay 1 2 3 4 5 6 Venezuela 3 2 1 4 5 6 Yemen 2 1 5 3 6 4 Zambia 1 Zimbabwe 1 3 6 6 6 3


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Table V.3 Regulation of RSPs

All RSPs must be registered with a

competent authority

All RSPs must be licensed by a

competent authority

RSP services are subject to specific

safety and efficiency requirements

RSPs need only to comply with AML

regulations

RSPs need only to comply

law/regulations of general applicability

Afghanistan X X Albania X X X Algeria X X Angola X X X Argentina Armenia X X 1 Australia X X Austria X X X X Azerbaijan X Bahamas X X BCEAO X X X X Belarus X X X Belgium X X X Belize X X Bhutan X Bolivia Bosnia – Herzegovina Botswana X X X Brazil X X Bulgaria X Cambodia X X X X Canada X Cape Verde X X X X Chile X X China X X X X China Colombia X X X X Costa Rica X Croatia X X Cyprus X X Czech Republic 2 X D. R. of Congo X X X Denmark X Dominican Republic ECCB X X X Egypt X El Salvador X X X Estonia X Fiji X X X Finland X X France X X X Georgia X X Germany X


180


competent authority


competent authority




regulations



Ghana X X Greece X X X Guatemala X X X Guyana X Honduras X Hong Kong X Hungary X X Iceland X X 3 India 4 5 X 6 Indonesia X X X Iran X X X X Ireland X X X Israel Italy X X Jamaica X 7 X Japan X Jordan X X X Kazakhstan X Kenya X Kuwait X 8 Kyrgyz Republic X X Latvia Lebanon X X X Lesotho Lithuania X Luxembourg X Macao X X X X Macedonia X X Madagascar Malaysia X 9 X Malta X X X X Mauritius X X X X Mexico X X X X Moldova 10 Mongolia X Morocco X X X Mozambique Myanmar X X X X Namibia X X Nepal X X X X Netherlands X X Netherlands Antilles X X X X New Zealand X Nicaragua Norway X X X X X Oman X X X X Pakistan Paraguay


181


competent authority


competent authority




regulations



Peru X X X X Philippines X X X Poland Portugal X X X Qatar X X X Romania X Russia 11 X X X Rwanda X San Marino X X Saudi Arabia X X X Serbia X Singapore X X X Slovak Republic X Slovenia Solomon Islands X X X South Africa X Spain X X X Sri Lanka X X Sudan X X X X Swaziland X Sweden X X Switzerland X Taiwan X X Tajikistan X Tanzania X X X X Thailand X X X Trinidad and Tobago X X Turkey X Uganda X X X Ukraine X X United Arab Emirates X X X X United Kingdom X X X USA X 12 X Uruguay X Venezuela X X Yemen X X X X Zambia X Zimbabwe X X X

1 All ESPs need to comply also with anti-money laundering regulations. 2 Respond uniformly for all RSPs. 3 All RSPs are operating within the financial institutions in Iceland. 4 RBI gives specific permission to an Indian Agent to undertake inward money transfer services with tie-up

arrangement with an Overseas Principal. 5 Regarding safety requirement, collateral equivalent to 3 days' average drawings or USD 50,000 whichever is

higher, may be kept by the overseas principal with the designated bank in India. However, no efficiency requirements for their services have been prescribed.

6 Though AML Guidelines have not been issued by RBI specifically covering MTS activities, all the Indian Agents are covered under existing general AML Guidelines issued by RBI.

7 Operating Guidelines issued. 8 Commercial banks are expected to subject their products to AML requirements. 9 All RSPs have to be approved by BNM and comply with the remittance requirements and AML regulation.


182

10 Currently, there is no any specific normative act in the legislation of the Republic of Moldova which regulates the activity of the remittance service providers (RSPs) as separate entities. In the Republic of Moldova the remittance services are provided by commercial banks and the national postal operator. The commercial banks have the right to perform this kind of services on the bases of the license issued by the National Bank of Moldova under the provisions of the Law on financial institutions No.550-XIII of 21 July 1995. The national postal operator performs transfers using money orders on the basis of provisions of the Law on post office No.463-XIII of 18 May 1995. While providing remittance services, commercial banks and national postal operator have to comply with the provisions of the AML legislation and the FX regulations regarding the performance of payments and transfers by resident and nonresident issued by the National Bank of Moldova.

11 Concerning subsection V.4: as RSPs only credit organizations and post offices are considered. Activity of post office is not licensed and adjusted by the postal legislation.

12 In many states, RSPs are subject to safety and efficiency requirements based on state law. All RSPs are subject to federal AML regulations.


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Table V.4 Use of the International SWIFT network

90 % or more of commercial banks in your country are

connected to SWIFT

Less than 90 % but more than 50 % of commercial

banks are connected to

SWIFT

Banks or others can use SWIFT

through the Central Bank’s own

connection to SWIFT

Banks and others can use a SWIFT Service Bureau operated by the Central Bank or

another institution Afghanistan X X Albania X Algeria X X Angola X Argentina X Armenia X Australia X Austria X X Azerbaijan X Bahamas X BCEAO X X Belarus X X Belgium X X Belize X X Bhutan X X Bolivia X Bosnia - Herzegovina Botswana X Brazil X X Bulgaria X X Cambodia X Canada X Cape Verde X Chile X China X Colombia X Costa Rica X X Croatia X Cyprus X Czech Republic X D. R. of Congo X Denmark X Dominican Republic ECCB X Egypt X El Salvador X X X Estonia X Fiji X Finland X France X X Georgia X X X Germany 1 X


184


connected to SWIFT



SWIFT



connection to SWIFT


another institution Ghana X X Greece X X Guatemala X X Guyana X Honduras X Hong Kong X Hungary X X Iceland X India X Indonesia X X Iran X Ireland X X Israel X X Italy X X 2 Jamaica X Japan X Jordan X Kazakhstan X X Kenya X X Kuwait X Kyrgyz Republic X X 3 Latvia X Lebanon X X X Lesotho X Lithuania X Luxembourg X Macao X Macedonia X Madagascar Malaysia X Malta X Mauritius X Mexico X Moldova X Mongolia X Morocco X X Mozambique X Myanmar X X X Namibia X X Nepal X Netherlands X Netherlands Antilles X X New Zealand X Nicaragua X Norway 4 X Oman X X Pakistan


185


connected to SWIFT



SWIFT



connection to SWIFT


another institution Paraguay Peru X Philippines X Poland Portugal X Qatar X Romania X Russia 5 Rwanda X X San Marino X X X Saudi Arabia X Serbia X X Singapore X Slovak Republic X Slovenia X Solomon Islands X X South Africa X X Spain X Sri Lanka X X Sudan X X Swaziland X Sweden X Switzerland X Taiwan X Tajikistan X X Tanzania X X Thailand X Trinidad and Tobago X X Turkey X Uganda X X Ukraine X United Arab Emirates X United Kingdom X X USA Uruguay X X Venezuela X Yemen X Zambia X Zimbabwe X X

1 Owing to the decentralized structure of the German banking industry, difficult to assess. 2 By another institution. 3 Through the Shared Access Node to SWIFT. 4 There are 149 banks in Norway, most of them small, local banks. The 23 largest banks are all using SWIFT. In

terms of market share, these banks count for 87 %. 5 Concerning subsection V.5: According to Russian National Association SWIFT data, quantity of participants of

SWIFT is 477 and quantity of credit organizations is 1135 (figures to 01/02/2008).


186

SECURITIES SETTLEMENT SYSTEMS

Table VI.1 General issues

The securities market is at a nascent stage, (only a few or none

primary issuances, and few or none secondary

market trades)

One or more stock exchanges are

currently operating in the country

The great majority of negotiable securities in the country are immobilized or

dematerialized in one or more securities depositories (CSD)

There is a single CSD for all types of securities in

the country

There are two or more CSDs,

each handling only certain

types of securities

There are two or more

CSDs, each handling all

types of securities

Afghanistan Albania X X Algeria X X X X Angola X X Argentina X X Armenia X X X Australia - Equities X X X Australia - DSS X X X Austria X X X Azerbaijan X X X X Bahamas X X X BCEAO X X X Belarus X X X Belgium X X X X Belize X Bhutan X Bolivia X X Bosnia - Herzegovina X X X

Botswana 1 X X Brazil X X X Bulgaria X X Cambodia Canada X X X Cape Verde X X X X Chile X X X China X X Colombia X X X Costa Rica X X Croatia X X X Cyprus X X X Czech Republic X X X DR of Congo X Denmark X X X Dominican Republic X X X ECCB X X X Egypt X X X El Salvador X X X Estonia X X X Fiji X X X Finland X X X France X X X


187



market trades)






the country



types of securities



types of securities

Georgia X X X X Germany X X X Ghana X X X Greece X X X Guatemala X X X X Guyana X X Honduras X X Hong Kong X X Hungary X X X Iceland X X India X X X X Indonesia X X X X Iran X X Ireland X X X 2 Israel X X X Italy X X X Jamaica X Japan X X X Jordan X X X Kazakhstan X X X Kenya X X X Kuwait X X Kyrgyz Republic X X X X Latvia X X X Lebanon X X X X Lesotho X Lithuania X X X Luxembourg X X X Macao Macedonia X X X Madagascar Malaysia X X Malta X X X Mauritius X X Mexico X X X Moldova X X X X Mongolia X X X X Morocco X X X Mozambique X X X X Myanmar X Namibia X X X X Nepal X X X Netherlands X X X Netherlands Antilles X New Zealand X X X Nicaragua Norway X X X


188



market trades)






the country



types of securities



types of securities

Oman X X X X Pakistan X 3 X X X Paraguay Peru X X X Philippines X X X Poland X X X Portugal X X X Qatar X X X X Romania X X X Russia X X Rwanda 4 X San Marino Saudi Arabia X X X Serbia X X X Singapore X X X Slovak Republic X X X Slovenia X X X Solomon Islands X South Africa X X X Spain X X X Sri Lanka X X X Sudan X X Swaziland Sweden X X X Switzerland X X X Taiwan X X X Tajikistan X X Tanzania X Thailand X X X Trinidad & Tobago X X X Turkey X X X Uganda 5 X Ukraine X United Arab Emirates X X X

United Kingdom X X X USA X X X Uruguay X X X6 X Venezuela X X X Yemen Zambia X X X Zimbabwe X X

1 A CSD is currently being implemented at the Botswana Stock Exchange (BSE). The CSD is owned by a

separate company and managed by the BSE on behalf of the Ministry of Finance and Development Planning (MFDP). The CSD is planned to undertake live operations during the early part of 2008, and supporting legislation is in place with Rules Regulations and Procedures. All Government securities are held in a dematerialized form at the Bank of Botswana in a repository that is a module on the Core Banking System.

2 There is currently no Irish CSD. Trades in Irish government bonds are cleared and settled in Euroclear Bank, while trades in Irish equities and certain other securities are cleared and settled in Euroclear UK and Ireland;


189

however, the National Treasury Management Agency operates a system for clearing and settlement of a small number of transactions in Exchequer Notes issued by the Agency. In addition, the Central Bank and Financial Services Authority of Ireland operates the register for Irish Government bonds and for certain other Euro-denominated securities.

3 Fixed Income market has regular issuance in Government Securities and well established secondary market but corporate securities market is at a nascent stage.

4 There is no securities market in place as yet though it’s in the process of being set-up. For a start there should be manual book entry probably with immobilized securities and this can be automated later.

5 There is a Government CSD housed at the Central Bank. All Government Treasury Bills and Bonds immobilized and dematerialized in the Bank of Uganda CSD. Plans are underway to implement a private sector CSD.

6 More than 90% are government issues.


190


Table VI.2 Central Bank-operated securities registry or CSD – General Issues

CSD used regularly to facilitate

ownership transfers stemming from

secondary market transactions

A rolling settlement

cycle of T+3 or shorter is used for all securities

trades

The CSD has a real-time

interface with the RTGS

Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used

A guarantee fund or other risk mngt mechanism

ensure that the settlement will take place in the event

the participant with the largest debit obligation is

unable to settle its position Afghanistan Albania Algeria X X X X Angola X X X Argentina X Armenia 1 X X X X X X 2 Australia - Equities Australia - Debt Settlement Sys

Austria Azerbaijan Bahamas X X X BCEAO Belarus X X X X Belgium X X X X Belize Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil X X X X Bulgaria X X X Cambodia Canada Cape Verde X X Chile China Colombia X X Costa Rica X X X X Croatia Cyprus Czech Republic X X X DR of Congo Denmark Dominican Republic ECCB Egypt X X X El Salvador Estonia Fiji X X Finland France


191






trades



Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used




unable to settle its position Georgia Germany Ghana X X Greece X X X X X Guatemala X X Guyana Honduras Hong Kong X X X X X Hungary Iceland India X X X X X 3 Indonesia X X X X Iran Ireland 4 Israel Italy Jamaica Japan X X X X Jordan X X X Kazakhstan Kenya X X X Kuwait X X Kyrgyz Republic X X X X Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia X X X Madagascar Malaysia X X X Malta Mauritius X X X Mexico Moldova X X X X Mongolia Morocco Mozambique X Myanmar Namibia X Nepal X X Netherlands Netherlands Antilles X X New Zealand X X X X Nicaragua


192






trades



Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used




unable to settle its position Norway Oman X Pakistan X X X Paraguay Peru X X X X Philippines Poland X X X Portugal X X X Qatar X X Romania X X X X X Russia Rwanda San Marino Saudi Arabia X X Serbia Singapore X X X X Slovak Republic X X X Slovenia Solomon Islands X South Africa Spain Sri Lanka X X X Sudan Swaziland Sweden Switzerland Taiwan X X X X X Tajikistan X Tanzania X X Thailand Trinidad and Tobago X X X X Turkey X X X X Uganda X X X Ukraine X X X X United Arab Emirates United Kingdom USA X X 5 X Uruguay X X X X Venezuela X X X X Yemen Zambia X Zimbabwe X X X X

1 For Government Securities. 2 There is no guarantee fund, but there is a predisposition mechanism for exchange trades. 3 The Clearing Corporation of India Limited, CCP has put in place the risk management mechanism. 4 See note under VI.1 above.


193

5 The Fedwire Securities Service has its own mechanism to settle the cash leg of a DVP securities transfer, and such transfers occur in real-time against accounts held at the central bank. Although the Fedwire Securities Service does not rely on the RTGS system, the cash accounts for DVP securities settlement are the same accounts used by the RTGS system.


194


Table VI.3 Central Bank-operated CSD – Participation and Custody Arrangements

Only commercial banks are direct

participants in the CSD

Beneficial owners are identified at

the individual level in the CSD

Beneficial owners cannot be identified at the individual level in the CSD, but

direct participants are required to segregate their own holdings from

those of their customers

Afghanistan Albania Algeria X X Angola X X X Argentina X X Armenia 1 X Australia - Equities Australia -Debt Settlement Sys Austria Azerbaijan Bahamas X BCEAO Belarus X X Belgium X Belize X Bhutan X Bolivia Bosnia - Herzegovina Botswana Brazil X Bulgaria X Cambodia Canada Cape Verde X X Chile China Colombia 2 X Costa Rica X Croatia Cyprus Czech Republic X X DR of Congo Denmark Dominican Republic ECCB Egypt X X El Salvador Estonia Fiji X Finland France Georgia


195








Germany Ghana X Greece X Guatemala X Guyana Honduras Hong Kong X Hungary Iceland India 3 X Indonesia X Iran Ireland Israel Italy Jamaica Japan X Jordan X X Kazakhstan Kenya X Kuwait X Kyrgyz Republic X X Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia X Madagascar Malaysia X Malta Mauritius X X Mexico Moldova X X Mongolia Morocco Mozambique X X Myanmar Namibia X X Nepal X Netherlands Netherlands Antilles New Zealand 3 Nicaragua Norway Oman X


196








Pakistan X Paraguay Peru X Philippines Poland X Portugal X Qatar X X Romania X Russia Rwanda San Marino Saudi Arabia X Serbia Singapore X X Slovak Republic X Slovenia Solomon Islands X X South Africa Spain Sri Lanka X Sudan Swaziland Sweden Switzerland Taiwan X X Tajikistan X Tanzania X Thailand Trinidad and Tobago X Turkey X Uganda X X Ukraine X United Arab Emirates United Kingdom USA X5 X Uruguay X X Venezuela X Yemen Zambia X Zimbabwe X

1 For government Securities. 2 Also brokers, other deposit taking institutions, trusts, pension funds, institutional investors and selected public

institutions are granted access to the CSD as direct participants. 3 Apart from commercial banks Primary Dealers are also direct participants. 4 Members of the system are deemed to be the beneficial owner of securities in the CSD. Those members must

themselves keep records on whose behalf they hold securities. 5 Direct participants in the Fedwire Securities Service are generally depository institutions. There are, however,

certain other entities that may be granted access, though the number of these entities that have direct access is relatively small. Entities eligible to maintain a securities account with a Reserve Bank include the following:


197

depository institutions; U.S. agencies and branches of foreign banks; member banks of the Federal Reserve System; the Treasury and entities specifically authorized by federal statute to use the Reserve Banks as fiscal agents or depositories; entities designated by the Secretary of the Treasury (some state treasurers have been designated); Edge or agreement corporations; and foreign central banks, foreign monetary authorities, foreign governments, and certain international organizations.


198


Table VI.4 Central Bank-operated CSD - Resilience and Business Continuity



back-ups

Tapes and other storage

media are kept in sites other than the main

processing site



processing site



The CSD operator has

documented a formal business continuity plan

Business continuity

arrangements include

procedures for crisis

management and information dissemination

Business continuity

arrangements regularly tested

Afghanistan Albania X X Algeria X X X X X X Angola X X X X X Argentina Armenia 1 X X X X X X Australia - Equities Australia – DSS Austria Azerbaijan Bahamas X X X X X BCEAO Belarus X Belgium X X X X X X Belize Bhutan Bolivia Bosnia-Herzegovina Botswana Brazil X X X X X Bulgaria X X X X X Cambodia Canada Cape Verde Chile China Colombia X X X X X X X Costa Rica X X X Croatia Cyprus Czech Republic X X X X X X DR of Congo Denmark Dominican Republic ECCB Egypt X X X El Salvador Estonia Fiji X X X X X Finland


199



back-ups



processing site



processing site





Business continuity




Business continuity


France Georgia Germany Ghana X X X X Greece X X X X X X X Guatemala X X X X X Guyana Honduras Hong Kong X X X X X X X Hungary Iceland India X X X X X X X Indonesia X X X X X X X Iran Ireland Israel Italy Jamaica Japan X X X X X X X Jordan X X X X X X X Kazakhstan Kenya X X X X X X X Kuwait X X X X X X Kyrgyz Republic X X X Latvia Lebanon X X X X Lesotho Lithuania Luxembourg Mongolia Morocco Mozambique X X X X X X X Myanmar Namibia X X X Nepal X X X X Netherlands Netherlands Antilles New Zealand X X X X X X Nicaragua Norway Oman X X X X X Pakistan X X X X X X X Paraguay Peru X X X Philippines


200



back-ups



processing site



processing site





Business continuity




Business continuity


Poland X X X X X X Portugal X X X X X X X Qatar X X X X Romania X X X X X X X Russia Rwanda San Marino Saudi Arabia X X X X X X Spain Singapore X X X X X X X Slovak Republic X X X X X X X Slovenia Solomon Islands X X X South Africa Spain Tanzania X X X X X X X Thailand Trinidad and Tobago X X X X X Turkey X X X X X X X Uganda X X X X X X Ukraine X X X UAE United Kingdom USA X X X X X X X Uruguay X X3 X Venezuela X X X X X X Yemen Zambia X X X X X X X Zimbabwe X X X X X X X

1 For Government Securities. 2 Central Bank-operated securities registry. 3 Only tapes.


201


Table VI.5 CSD and SSS operated by the Stock Exchange or other private sector entity

General Features

The CSD is used regularly to facilitate ownership

transfers stemming from secondary market

transactions

A rolling settlement cycle of T+3 or shorter is used for all securities trades

Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used

Afghanistan Albania Algeria X X X Angola Argentina Armenia 1 X X X Australia - Equities X X X Australia - Debt Settlement Sys X X X

Austria X X X Azerbaijan X X X X Bahamas BCEAO Belarus Belgium X X X X Belize Bhutan Bolivia X X X Bosnia - Herzegovina X Botswana Brazil X X X X Bulgaria X X Cambodia Canada2 X X X X Cape Verde X X Chile X X X X X China X X X Colombia X X X Costa Rica Croatia X X X X Cyprus X X X X Czech Republic X 3 X X X DR of Congo Denmark X X X X Dominican Republic ECCB X X X Egypt X X 4 X El Salvador X X Estonia X X X Fiji Finland X X X France X X X X


202



transactions


Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used

Georgia X Germany X X X X Ghana Greece X X X Guatemala X X X Guyana Honduras Hong Kong X X X Hungary X X X X Iceland X X X India X X Indonesia X X X X Iran X Ireland Israel Italy X X X X Jamaica X X X Japan X X X Jordan X X X Kazakhstan X X X Kenya X X X Kuwait X X Kyrgyz Republic X X X Latvia X X X X Lebanon X X X Lesotho Lithuania X X X X Luxembourg X X X Macao Macedonia X X X Madagascar Malaysia X X Malta X X X X Mauritius X X X Mexico X X X Moldova Mongolia X X X Morocco X X X Mozambique Myanmar Namibia Nepal Netherlands X X X X Netherlands Antilles New Zealand X X X Nicaragua Norway X X X Oman


203



transactions


Model 1 DVP is used

Model 2 DVP is used

Model 3 DVP is used

Pakistan X X X Paraguay Peru X X X Philippines X X X X Poland X X X X Portugal X X X X Qatar Romania X X X X Russia X X X Rwanda San Marino Saudi Arabia X X X Serbia Singapore X X X X Slovak Republic X X X X Slovenia X X X X Solomon Islands South Africa X X X Spain X X X X Sri Lanka X Sudan Swaziland Sweden X X X Switzerland X X X Taiwan X X X X Tajikistan Tanzania X X X Thailand X X X X Trinidad and Tobago X X X Turkey X X X Uganda Ukraine United Arab Emirates United Kingdom X X X USA X X X Uruguay Venezuela X Yemen Zambia X X Zimbabwe 5

1 For Commercial Securities. 2 Canadian Depository for Securities CDSX is a dual service system – cash position netting for all securities

settlements and either trade-for-trade or continuous netting for the securities leg. 3 Univyc uses combination of both models (1 and 2). All securities transfer instructions are settled on a gross

basis. The funds transfer instructions are settled on a net basis only in case of automatic trades (auction and continual). The funds transfer instructions for trades concluded in SPAD system and block trades are settled on a trade-by-trade (gross) basis.

4 The Clearing and Settlement System in Egypt is based upon Delivery versus Payment, whereby MCDR acts as the Clearing House between the buying and selling member firms, regarding their paper and funds settlement


204

as follows: T+0 for securities traded by the Intra-day Trading System T+1 for government bonds that are traded through Primary Dealers System T+2 for all other securities.

5 Stockbrokers, who are members of the stock exchange act as central counterparties.


205


Table VI.5 CSD and SSS operated by the Stock Exchange or other private sector entity (continued)

CSD has a real-time


There is no interface with the RTGS, but central bank

money is used for settlement

A guarantee fund or other risk management mechanism ensure

settlement will take place in the event the participant with the largest debit

obligation is unable to settle its position

A securities lending

mechanism has been implemented

The Stock exchange acts as

central counterparty

Afghanistan Albania Algeria X Angola Argentina Armenia X Australia - Equities X X X X Australia - Debt SS X X Austria X Azerbaijan X X X Bahamas BCEAO X Belarus X Belgium X X X Belize Bhutan Bolivia X Bosnia - Herzegovina X Botswana Brazil X X X Bulgaria Cambodia Canada X X 1 Cape Verde X X Chile X X China X Colombia Costa Rica Croatia X X Cyprus X Czech Republic X 1 X 2 X 3 DR of Congo Denmark X X Dominican Republic ECCB X X Egypt X X X El Salvador X Estonia X X X X Fiji Finland X X France X X Georgia


206

CSD has a real-time











Germany X X X Ghana Greece X X X Guatemala X Guyana Honduras Hong Kong X X X X 4 Hungary X X X 5 Iceland X India X X X Indonesia X X X X X Iran Ireland Israel X Italy X X X Jamaica X Japan X Jordan X Kazakhstan X X X Kenya X X Kuwait X Kyrgyz Republic X X Latvia X X Lebanon X Lesotho Lithuania X Luxembourg X X Macao Macedonia X X X Madagascar Malaysia X X X Malta X Mauritius Mexico X X X Moldova Mongolia X Morocco X X X X Mozambique X Myanmar Namibia Nepal X Netherlands X X Netherlands Antilles New Zealand X Nicaragua Norway X X Oman


207

CSD has a real-time











Pakistan X X X Paraguay Peru X Philippines X X X Poland X X X Portugal X X X Qatar Romania X 6 X Russia Rwanda San Marino Saudi Arabia Serbia Singapore X X X X Slovak Republic X X Slovenia X X Solomon Islands South Africa X X X Spain X X X Sri Lanka Sudan Swaziland Sweden X Switzerland X X Taiwan X X X X Tajikistan Tanzania X Thailand X X X Trinidad and Tobago X X Turkey X Uganda Ukraine United Arab Emirates United Kingdom X X USA X7 X X 8

Uruguay Venezuela Yemen Zambia Zimbabwe X

1 Guarantee Fund is established for automatic trades and SPAD trades. Block trades are not guaranteed. 2 Securities lending is implemented only for loan reservation, i.e. based on request of Univac’s participant. Automatic

loans are not in operation. 3 Only for automatic trades. 4 The Hong Kong Securities Clearing Company Limited (HKSCC) acts as central counterparty. Hong Kong Exchanges

and Clearing Limited (HKEx) is the holding company of the Stock exchange and HKSCC. 5 However, in practice not used. 6 At the moment, it is an on-line interface with RTGS. The STP interface will be implemented as soon as possible.


208

7 The CSD settles the cash leg of DVP securities transfers on an end-of-day net basis through its account with a Federal Reserve Bank, using the Federal Reserve’s National Settlement Service (a multilateral net settlement system). Although the CSD is a direct participant in the RTGS and uses this link for certain risk-management related payments by participants throughout the day, the RTGS system is not used for the CSD’s daily settlement.

8 NSCC, a separate entity, acts as the CCP for US stock exchanges.


209



Participation and Custody Arrangements

Only brokers-dealers are direct


Other financial institutions (i.e.

commercial banks) can be

direct participants

Beneficial owners are

identified at the individual level in

the CSD

Beneficial owners cannot be identified at the individual level in the CSD, but direct participants are required to segregate their

own holdings from those of their customers

Afghanistan

Albania

Algeria X X

Angola

Argentina

Armenia 1 X

Australia - Equities X X

Australia - Debt Settl Sys X X

Austria X

Azerbaijan X X

Bahamas X

BCEAO X X

Belarus

Belgium X X

Belize

Bhutan

Bolivia X X

Bosnia - Herzegovina X X

Botswana

Brazil X X X

Bulgaria X X

Cambodia

Canada X X

Cape Verde X X

Chile X

China X X

Colombia X X

Costa Rica

Croatia X X

Cyprus X X

Czech Republic X X 2

DR of Congo

Denmark X X

Dominican Republic

ECCB X X

Egypt X X

El Salvador X X

Estonia X X

Fiji

Finland X X

France X X 3


210





direct participants



the CSD



Georgia X

Germany X X

Ghana

Greece X X

Guatemala X X

Guyana

Honduras

Hong Kong X X X

Hungary X 4 X

Iceland X X

India X X X

Indonesia X X X

Iran X

Ireland

Israel

Italy X X

Jamaica 5

Japan X X

Jordan X

Kazakhstan X X

Kenya X X

Kuwait X X

Kyrgyz Republic X X X

Latvia X X

Lebanon X X

Lesotho

Lithuania X X

Luxembourg X

Macao

Macedonia X X

Madagascar

Malaysia X X

Malta X

Mauritius X X

Mexico X X

Moldova

Mongolia X X

Morocco X X

Mozambique X

Myanmar

Namibia

Nepal X X

Netherlands X X

Netherlands Antilles

New Zealand X X

Nicaragua

Norway X


211





direct participants



the CSD



Oman

Pakistan X X

Paraguay

Peru X X

Philippines X X

Poland X X

Portugal X X

Qatar

Romania X 6 X X X 7

Russia X X

Rwanda

San Marino

Saudi Arabia X X

Serbia

Singapore X X

Slovak Republic X X

Slovenia X X

Solomon Islands

South Africa X X

Spain X X

Sri Lanka X X X

Sudan

Swaziland

Sweden X X

Switzerland X X

Taiwan X X

Tajikistan

Tanzania X X

Thailand X X

Trinidad and Tobago X X

Turkey X X X

Uganda

Ukraine

United Arab Emirates

United Kingdom X X

USA X X

Uruguay

Venezuela X X

Yemen

Zambia X X

Zimbabwe 1 For Commercial Securities. 2 Beneficial owners can be identified via Univac’s participants either at the individual level (segregate accounts)

or via omnibus accounts in Univac’s segregate registration. 3 There are no sub-accounts for each individual holding securities in the CSD, but the CSD can inform the issuer

of the name of the beneficial owner.


212

4 There is a direct settlement account relationship with KELER in case of commercial banks, but exclusively securities settlement takes place in the books of the SSS, the cash leg of securities transactions is settled in the RTGS.

5 The Jamaica Stock Exchange trades equities only. 6 Brokers-dealers are direct participants in the CSD. 7 The nominee accounts are used only for the custodian banks, but the concept will be extended for all the CSD

participants.


213



Resilience and Business Continuity

Routine procedures are in place

for periodical data back-ups


media are kept in sites

other than the main

processing site


been deployed at

the main processing

site



The CSD operator has documented

a formal business continuity

plan

Arrangements include


management and

information dissemination

Arrangements regularly tested

Afghanistan Albania Algeria X X X X X X X Angola Argentina Armenia X X X Australia - Equities X X X X X X X Australia - DSS X X X X X X X Austria X X X X X X X Azerbaijan X X X X X Bahamas BCEAO X X X X X X Belarus Belgium X X X X X Belize Bhutan Bolivia X X X X Bosnia - Herzegovina X X X X X X X Botswana Brazil X X X X X X Bulgaria X X X X Cambodia Canada X X X X X X X Cape Verde X X Chile China X X X X X Colombia X X X X X X X Costa Rica Croatia X X X X X Cyprus X X X X Czech Republic X X X X X X DR of Congo Denmark X X X X X X X Dominican Republic X X X X ECCB X X X X X Egypt X X X X X X X El Salvador X X X X X X X Estonia X X X X X Fiji Finland X X X X X X X


214





other than the main

processing site


been deployed at

the main processing

site





plan



management and



France X X X X X X X Georgia Germany X X X X X X X Ghana Greece X X X X Guatemala X X X Guyana Honduras Hong Kong X X X X X X X Hungary X X X X X X Iceland X X X X X X India X X X X X X X Indonesia X X X X X X X Iran X X Ireland Israel Italy X X X X X X Jamaica 1 Japan X X X X X X X Jordan X X X X X X Kazakhstan X X X X X X Kenya X X X X X X X Kuwait X X X X X X Kyrgyz Republic X X X Latvia X X X X X X X Lebanon 2 X X X Lesotho Lithuania X X X Luxembourg X X X X X X Macao Macedonia X X X X X X X Madagascar Malaysia X X X X X X X Malta X X X Mauritius X X X X X X X Mexico X X X Moldova Mongolia X X X X Morocco Mozambique Myanmar Namibia Nepal X X Netherlands X X X X X Netherlands Antilles


215





other than the main

processing site


been deployed at

the main processing

site





plan



management and



New Zealand Nicaragua Norway X X X X X X X Oman Pakistan X X Paraguay Peru X X X X X X X Philippines X X X X X X X Poland X X X X X Portugal X X X 3 X X 4 X 5 X 6 Qatar Romania X X X X X X X Russia X Rwanda San Marino Saudi Arabia X X X X X X X Serbia Singapore X X X X X X Slovak Republic X X X X X X Slovenia X X X X X X X Solomon Islands South Africa X X X X X Spain X X X X X X X Sri Lanka X X X X X X X Sudan Swaziland Sweden X X X X X X Switzerland X X X X X X Taiwan X X X X X X X Tajikistan Tanzania X X X Thailand X X X X X X Trinidad & Tobago 7 X X X Turkey X X X X X X X Uganda Ukraine United Arab Emirates United Kingdom X X X X X X X USA X X X X X X X Uruguay Venezuela X X Yemen Zambia X X X X X X Zimbabwe

1 There is no formal CSD for fixed income securities.


216

2 Midclear and the Central Bank are in process of establishing a business continuity/ disaster recovery processing site.

3 End 2007. 4 It has a Disaster Recovery Plan – DRP - that is being complemented in order to have a complete BCP, in

development, to be finished end 2007. 5 For the DRP. 6 Only Disaster Recovery Plan, since the BCP is being developed. 7 BCP is currently being progressed at this time.


217


Table VI.8 Regulatory and Oversight

A specific public sector agency

regulates securities markets

Securities market law

applies to all securities

traded in the country

Securities market

law applies to securities issued by

private firms only

Securities regulator is empowered to license

and supervise all

stock exchanges


and supervise all private CSDs

Securities regulator shares

oversight responsibility

with the Central Bank

The stock exchange has been granted

the status of SRO

Private CSDs

have been granted

the status of SRO

Afghanistan Albania X Algeria X X X X Angola X Argentina X X X X X X X Armenia X X X X X X X Australia - Equities X X X X X X X Australia - DSS X X X X X X X Austria X X X Azerbaijan X X X X Bahamas X X X X X BCEAO X X X X X Belarus X X X X X Belgium X X X X X X X Belize Bhutan Bolivia X X X X Bosnia - Herzegovina X X Botswana X X X Brazil X X X X X X X Bulgaria X X X Cambodia Canada X 1 X X X X Cape Verde X X X Chile X X X X China X X X X Colombia 2 X X X X X X Costa Rica X X X X Croatia X X X X Cyprus X X X Czech Republic X X X X 3 DR of Congo Denmark X X X X X Dominican Republic X X X ECCB X X X X X X Egypt X X X El Salvador X X X X Estonia X X X X X Fiji X X X X Finland X X X X X France X X X X X


218






Securities market


private firms only


and supervise all

stock exchanges







the status of SRO

Private CSDs

have been granted

the status of SRO

Georgia X X X X Germany X X X X X Ghana X X X X Greece X X X X X Guatemala X X X X X Guyana X Honduras X X X X Hong Kong X X X X Hungary X X 4 5 Iceland X X X X X India X X X X X X X 6 Indonesia X X X X X X X X Iran X X X Ireland X X X X X 7 Israel X X Italy X X X X Jamaica X X X X X X Japan X X X X X Jordan X X Kazakhstan X X X X X Kenya X X X X X X Kuwait X X Kyrgyz Republic X X X X X Latvia X X X X X Lebanon 8 Lesotho Lithuania X X X X Luxembourg X X X Macao Macedonia X X X X X X Madagascar Malaysia X X X X X Malta X X X X Mauritius X X X X X Mexico X X X X X Moldova X X X X Mongolia X X X X X X Morocco X X X X Mozambique X Myanmar Namibia Nepal X X Netherlands X X X X X Netherlands Antilles X X New Zealand X X X Nicaragua


219






Securities market


private firms only


and supervise all

stock exchanges







the status of SRO

Private CSDs

have been granted

the status of SRO

Norway X X X X X Oman X X X X X Pakistan X X X X X Paraguay Peru X X X X X X Philippines X X X X X X Poland X X X X X X Portugal X X X X X X X Qatar X X X Romania X X X X X X X X 9 Russia X X X X Rwanda San Marino Saudi Arabia X X X X X Serbia X X X X Singapore X X X X X Slovak Republic X X X X Slovenia X X X X X Solomon Islands X X X South Africa X X X X X X Spain X X X X Sri Lanka X X X X Sudan Swaziland Sweden X X X X X Switzerland X X X X X X Taiwan X X X X X X X Tajikistan X X Tanzania X X X X Thailand X X X X X X X Trinidad and Tobago X X X X X X Turkey X X X X X Uganda Ukraine X X X X X X X United Arab Emirates United Kingdom X X X X X USA X X X X X10 X X Uruguay X11 X X X Venezuela X X X X X X Yemen Zambia X X X X X Zimbabwe X X

1 Federal and provincial government securities are exempted from only some of the aspects of securities laws. 2 A Self-Regulatory Organization was recently created for the whole securities market named AMV. 3 The Central bank itself is a securities regulator.


220

4 Regulation falls within the competence of the Ministry of Finance (securities regulator), while responsibility for licensing and the supervision is borne primarily by the HFSA (supervisory authority). The latter is entitled to license and supervise all stock exchanges.

5 The oversight responsibility is borne exclusively by the central bank of Hungary. 6 Government Securities: the central banks has the oversight role. Equity Market: the Securities and Exchange

Board of India is the authority. 7 The CBFSAI has overall responsibility for the regulation and oversight of securities settlement systems, for the

supervision of stock exchanges and for the authorization and supervision of their member firms. The Central Bank has responsibility for oversight of securities settlement systems, while the Financial Regulator, as part of its role in supervising stock exchanges and authorizing and supervising their member firms, has responsibility what might be termed the participants in securities settlement systems.

8 The Ministry of Finance regulates the Stock Exchange. 9 The Bucharest Stock Exchange and the Romanian Central Depository establish and enforce rules of market

conduct for members who engage in securities operations and have direct trading access. They also establish trading rules, rules for depository, registry, clearing and settlement services, disciplinary rules and conduct disciplinary proceedings which include fines, suspension, or termination of membership. Before these rules enter into force, should be approved by the Romanian National Securities Commission in case of Bucharest Stock Exchange rules and by Romanian National Securities Commission and National Bank of Romania in case of Central Depository rules, as supervisory authorities.

10 Only for the CSD operated by the private-sector. 11 Within BCU.


221

PAYMENT SYSTEM OVERSIGHT AND COOPERATION

Table VII.1 General issues

Central Bank’s payment system oversight function established and performed regularly and in

an on-going basis

Specific unit or department within the Central Bank responsible for

payment system oversight

Payment system oversight segregated from payment

system operational tasks through organizational means or

independent reporting lines Afghanistan Albania X X X Algeria X X X Angola X Argentina X X X Armenia X X 1 X Australia X X X Austria X X X Azerbaijan X X X Bahamas BCEAO X X X Belarus X X X Belgium X X X Belize Bhutan X Bolivia X Bosnia - Herzegovina X Botswana X X X Brazil X X Bulgaria X X X Cambodia Canada X X X Cape Verde X X Chile X X X China X X Colombia X Costa Rica X Croatia X Cyprus X X X Czech Republic X X X DR of Congo X Denmark X X X Dominican Republic X ECCB X X Egypt 2 El Salvador 3 X Estonia X X X Fiji X Finland X X X France X X X Georgia Germany X X X Ghana X


222


an on-going basis





independent reporting lines Greece X X X Guatemala X X Guyana X X Honduras Hong Kong X X X Hungary X X X Iceland 4 X X India 5 X X Indonesia X X X Iran X X X Ireland X X X Israel Italy X X X Jamaica X X X Japan X X Jordan Kazakhstan X X X Kenya X X X Kuwait X Kyrgyz Republic X X X Latvia X X X Lebanon X Lesotho X X Lithuania X X X Luxembourg X X X Macao X Macedonia X X Madagascar Malaysia X X X Malta X X Mauritius X X X Mexico X X Moldova X X X 6 Mongolia X Morocco X X Mozambique X X X Myanmar X X Namibia X X X Nepal X Netherlands X X X Netherland Antilles X X New Zealand X X Nicaragua Norway X X X Oman X X X Pakistan X X X Paraguay Peru X X X


223


an on-going basis





independent reporting lines Philippines X X X Poland X X X Portugal X X X Qatar X X X Romania X X X Russia X X X Rwanda X San Marino X X X Saudi Arabia X X X Serbia X X X Singapore X X X Slovak Republic X X X Slovenia X X X Solomon Islands X X X South Africa X X X Spain X X X Sri Lanka X X X Sudan X X X Swaziland Sweden X X X Switzerland X X X Taiwan X X Tajikistan X X Tanzania X X X Thailand X X X Trinidad and Tobago X X Turkey Uganda X X X Ukraine X United Arab Emirates X X X United Kingdom X X X USA X X X Uruguay X7 Venezuela X X Yemen Zambia X X Zimbabwe X X X

1 Not the separate unit yet, but planned in near future. Now the oversight task is performed within Payment

System Development division, which is also responsible for the methodology in the area of payments and settlements.

2 (The oversight function is under establishment within the CBE Payment Systems Department, Answers to following questions are expressions on the expected future work of the department but do not represent the current status).

3 The BCR is currently designing its oversight strategy; however, there are some ongoing activities. The following, answer the on-going and expected activities.

4 A formal assessment methodology is currently in preparation to be used in regular assessments. 5 The Payment System oversight would be formalized on enactment of the Payment and Settlement Systems Bill. 6 there is segregation on the level of units (one for operations, other for oversight) inside the same payment

system department). 7 In progress.


224


Table VII.2 Objectives of Payment System Oversight

Central Bank has set down its objectives in carrying out the payment system oversight function in a regulation or

policy document

Objectives only include the safety and efficiency of

relevant payment systems

Objectives include pursuit of a higher level of competitiveness

among system participants, avoid collusive practices, consumer protection, and

other specific issues Afghanistan Albania X Algeria X X X Angola X X Argentina X Armenia X X Australia X X Austria X X Azerbaijan X X Bahamas X BCEAO X X Belarus X X X Belgium X X Belize Bhutan X Bolivia X Bosnia - Herzegovina X Botswana X X X Brazil X X Bulgaria X X Cambodia Canada X X Cape Verde X X Chile X X China X X Colombia X Costa Rica X Croatia X Cyprus X X Czech Republic X DR of Congo X Denmark X X Dominican Republic X X ECCB X X Egypt X X El Salvador 1 X Estonia X X Fiji X Finland X X France X X Georgia Germany X X


225


policy document





other specific issues Ghana X Greece X X Guatemala X Guyana X X Honduras Hong Kong X X Hungary X X Iceland X X X India X X 2 3

Indonesia X X Iran X X Ireland X X Israel Italy X Jamaica X X Japan X X Jordan X Kazakhstan X X Kenya X X X Kuwait X Kyrgyz Republic X X X Latvia 4 X X Lebanon X Lesotho X X Lithuania X X Luxembourg X Macao X Macedonia X X Madagascar Malaysia X X Malta X X Mauritius Mexico X Moldova X X Mongolia X X Morocco X X Mozambique X Myanmar X X X Namibia X X Nepal X X Netherlands X X Netherland Antilles X X New Zealand X X Nicaragua X Norway X X Oman X X Pakistan X X


226


policy document





other specific issues Paraguay Peru X 5 Philippines X X X Poland X X Portugal X Qatar X X Romania X X Russia X X Rwanda X X San Marino Saudi Arabia X Serbia X X Singapore X X Slovak Republic X Slovenia X X Solomon Islands South Africa X X Spain X X Sri Lanka X X X Sudan X X X Swaziland X X Sweden X X Switzerland X X Taiwan X X Tajikistan X X Tanzania X X X Thailand X X Trinidad and Tobago X X Turkey X Uganda X X Ukraine X United Arab Emirates X X United Kingdom X X USA X X Uruguay Venezuela X X Yemen Zambia X Zimbabwe X X


2 Our objective as indicated in the Vision Document is Triple S + E – Safe, Secure, Sound and Efficient Payment Systems.

3 We do not specifically mention these aspects. 4 Pursuit of a higher level of competitiveness among system participants, avoiding collusive practices and

consumer protection are not within the sphere of competence of Central Bank. However, the objectives of payment system oversight include safety and efficiency of whole payment system, including payment instruments.

5 All the indicated except consumer protection.


227


Table VII.3 Scope of Payment System Oversight

Payment system oversight is

performed over central bank-

operated systems only


performed over all systemically

important funds transfer systems

PS oversight performed over all

systemically important payment systems, including SSS, settlement of

FX transactions

PS oversight performed over all relevant payment

systems in the country as long as they are operated

by commercial banks


systems in the country regardless

of whom the operator of such

systems is Afghanistan X X Albania X X X X Algeria X X X X Angola X X Argentina X Armenia Australia X X X Austria X Azerbaijan X Bahamas X BCEAO X Belarus X Belgium X X X Belize Bhutan X Bolivia X Bosnia - Herzegovina X Botswana X X X Brazil X X X Bulgaria X X Cambodia Canada X X 1 Cape Verde X X Chile X China X X Colombia X Costa Rica X Croatia X Cyprus X Czech Republic X DR of Congo X X Denmark X X Dominican Republic X X X ECCB X Egypt X X X El Salvador 2 X Estonia X X Fiji X Finland X X X X France X X Georgia


228









FX transactions



by commercial banks




systems is Germany X X Ghana X Greece X X Guatemala 3 X X Guyana X Honduras Hong Kong X X X Hungary X 4 Iceland X X X India X 5 Indonesia X X X Iran X X Ireland X Israel Italy X X Jamaica X Japan X X X Jordan X X Kazakhstan X X X Kenya X Kuwait X X Kyrgyz Republic X X Latvia X X X Lebanon X Lesotho X Lithuania X X 6 X Luxembourg X X Macao X Macedonia X Madagascar Malaysia X X X Malta X X X Mauritius X X X X X Mexico X X Moldova X X Mongolia X X Morocco X Mozambique X X X X Myanmar X X X X Namibia X X Nepal X X X Netherlands X X Netherland Antilles X New Zealand X X X Nicaragua


229









FX transactions



by commercial banks




systems is Norway X X Oman X X X X X Pakistan X X Paraguay Peru X X Philippines X X X X X Poland X X Portugal X Qatar X Romania X X X Russia X Rwanda X X X X San Marino X Saudi Arabia X X Serbia X X X Singapore X Slovak Republic X X Slovenia X Solomon Islands X X South Africa X X Spain X 7 X 8 Sri Lanka X X Sudan X X X X X Swaziland Sweden X X X Switzerland X X Taiwan X Tajikistan X Tanzania X X X Thailand X Trinidad and Tobago X X Turkey X Uganda X Ukraine X United Arab Emirates X X United Kingdom X USA X X X9 Uruguay Venezuela X X X Yemen Zambia X Zimbabwe X X X X

1 Oversight is performed over all national payment systems subject to federal law. Other relevant systems, such

as card payment systems, may be relevant and of system-wide (but not systemic) importance but have not been designated for oversight under federal law.


230


3 Oversight to all the systems that settle its operations in the RTGS. 4 Please read: "Payment system oversight is performed over all systemically important payment systems,

including securities settlement systems”. 5 The central bank is the authority for Government securities settlement and Forex. 6 The scope of the Central Bank oversight activities does not comprise settlement of FX transactions. 7 “Payment system oversight” should be understood in a broad sense; i.e. in the case of Banco de España, the

scope of the oversight function also includes any payment system not considered as SIPS, quasi-systems and any other settlement arrangement as correspondent banking. It also includes security of payment instruments.

8 “Payment system oversight” should be understood in a broad sense; i.e. in the case of Banco de España, the scope of the oversight function also includes any payment system not considered as SIPS, cuasi-systems and any other settlement arrangement as correspondent banking. It includes as well the security of payment instruments.

9 Oversight is performed over a system only if it meets certain settlement value thresholds.


231


Table VII.4 Instruments of Payment System Oversight

(see questionannire for explanation on rankings)

Monitoring Dialogue and moral suasion

Production and publication of statistics

and other payment system reports

Issue of regulations and application of

sanctions On-site inspections

Afghanistan X X Albania X X X X X Algeria X X X X X Angola 1 2 1 1 1 Argentina 2 2 2 1 1 Armenia 1 2 1 2 3 Australia 1 1 2 1 3 Austria 1 1 1 1 2 Azerbaijan 1 2 2 3 1 Bahamas 1 1 1 2 1 BCEAO 1 1 1 3 3 Belarus 1 2 1 2 2 Belgium 1 1 2 Belize Bhutan 1 2 1 1 1 Bolivia 1 2 2 3 Bosnia - Herzegovina X X Botswana 3 1 2 5 4 Brazil 1 1 1 1 2 Bulgaria X X X X Cambodia Canada 1 1 1 21 22 Cape Verde 3 2 2 2 3 Chile X X X China 1 3 1 1 2 Colombia 1 1 1 2 2 Costa Rica 3 1 2 Croatia 1 2 1 2 2 Cyprus 2 2 1 2 3 Czech Republic X X X DR of Congo X X Denmark 1 1 1 3 3 Dominican Republic 1 2 1 1 3 ECCB 1 1 3 2 3 Egypt X X X X X El Salvador 3 1 1 1 2 3 Estonia 1 3 2 Fiji 1 1 1 1 1 Finland 1 1 1 3 3 France 1 1 1 3 3 Georgia 2 2 2 2 3 Germany 1 2 3 3 3 Ghana 1 2 1 1 2


232






Greece 1 1 2 2 Guatemala 1 3 2 2 3 Guyana 1 2 3 3 3 Honduras Hong Kong 1 1 2 1 1 Hungary 1 2 3 1 1 Iceland 1 1 2 1 3 India 2 4 1 2 3 3 Indonesia 1 2 3 1 2 Iran X X X Ireland 1 1 3 3 3 Israel Italy 1 1 2 2 Jamaica 1 1 1 3 3 Japan 1 1 2 Jordan X X Kazakhstan 1 2 1 1 2 Kenya 1 1 1 1 1 Kuwait 1 1 2 3 1 Kyrgyz Republic 1 1 2 2 3 Latvia 1 1 1 3 3 Lebanon 2 Lesotho 1 1 1 1 1 Lithuania 1 2 Luxembourg 1 1 1 3 1 Macao 1 Macedonia X X X X X Madagascar Malaysia 1 2 2 1 1 Malta 1 1 2 2 3 Mauritius X X X X X Mexico 1 2 2 1 3 Moldova 1 1 1 1 1 Mongolia 1 2 2 1 2 Morocco 1 2 3 3 Mozambique 1 1 2 2 2 Myanmar 1 3 2 Namibia 1 3 1 1 2 Nepal 2 3 1 Netherlands 2 1 2 3 2 Netherland Antilles 2 3 3 1 1 New Zealand X Nicaragua 2 3 1 Norway 1 1 1 2 3 Oman 2 4 3 1 Pakistan 1 2 1 1 1 Paraguay Peru 2 1 2 1


233






Philippines 1 2 2 1 3 Poland 1 2 1 2 Portugal 1 1 1 1 3 Qatar 1 Romania 1 1 1 1 1 Russia 1 3 2 2 3 Rwanda 2 1 2 3 3 San Marino 1 1 3 3 Saudi Arabia 1 2 4 5 3 Serbia X X X X X Singapore 1 1 3 1 1 Slovak Republic 1 1 1 1 Slovenia 1 1 1 1 Solomon Islands 1 2 2 3 1 South Africa X X X X X Spain 1 2 1 2 3 Sri Lanka 1 1 1 1 2 Sudan 2 3 1 2 2 Swaziland 1 1 1 1 1 Sweden 3 1 1 3 3 Switzerland 1 1 2 1 3 Taiwan 1 2 3 2 Tajikistan X X X X X Tanzania 1 2 1 1 1 Thailand 1 2 2 1 2 Trinidad and Tobago 1 1 2 2 3 Turkey 1 1 1 Uganda 1 2 1 1 1 Ukraine 1 1 2 United Arab Emirates 3 1 2 United Kingdom 1 1 1 USA 1 1 3 3 15 Uruguay Venezuela X X X Yemen 3 1 1 1 3 Zambia 1 1 1 3 3 Zimbabwe 1 1 2 2 1

Note: some countries did not provide a ranking but rather checked the option with an "X".

1 Last-resort instrument that is critically important to have but also important not to use frequently. 2 Regular Inspection by external auditors that report directly to the Board and to the oversight agency. The power

to impose special inspections is more important than the exercise of the power. 3 The BCR is currently designing its oversight strategy; however, there are some ongoing activities. The

following, answer the on-going and expected activities. 4 We do very little monitoring of payment systems. 5 Where authorized.


234


Table VII.5 Cooperation with other relevant Authorities

There is no significant

cooperation with other relevant

authorities

Cooperation with other relevant

authorities occurs mostly in an

informal/ad-hoc basis

Cooperation is ensured through a formal mechanism,

such as a Memorandum of

Understanding or is required by law

Cooperation involves mostly regular meetings and

exchange of opinions and views

Cooperation also involves regular

information exchanges, prior

notice of regulatory action, joint inspections

Afghanistan Albania Algeria X X Angola X Argentina X X X Armenia 1 Australia X X X Austria X Azerbaijan X X Bahamas X X BCEAO X Belarus X X Belgium X X X Belize Bhutan X X X Bolivia X X Bosnia-Herzegovina X X Botswana X X X Brazil X X Bulgaria X Cambodia Canada X X X Cape Verde X X Chile X X China X X Colombia X Costa Rica X Croatia X X Cyprus X X Czech Republic X DR of Congo X Denmark X X Dominican Republic X ECCB X X Egypt X El Salvador 2 X X X Estonia X X Fiji X X Finland X X X France X X Georgia X X Germany X


235



authorities












Ghana X Greece X X Guatemala X X Guyana X Honduras X X Hong Kong X Hungary X X Iceland X X X India X X 3 Indonesia X X Iran X Ireland X X X Israel Italy X X X X Jamaica X Japan X Jordan Kazakhstan X X X Kenya X X Kuwait X Kyrgyz Republic X Latvia X X X Lebanon Lesotho X X X Lithuania X Luxembourg X Macao X Macedonia X Madagascar Malaysia X X Malta X Mauritius X X Mexico X X Moldova X Mongolia X X Morocco X Mozambique X X X Myanmar X X X X Namibia X X Nepal X Netherlands X X X Netherland Antilles X X New Zealand X Nicaragua X Norway X X Oman X X X Pakistan X X


236



authorities












Paraguay Peru X Philippines X X X Poland Portugal X X Qatar X Romania X X X Russia X X Rwanda X San Marino X X Saudi Arabia X Serbia X X X Singapore X X X Slovak Republic X Slovenia X X X Solomon Islands X X X South Africa X X X X Spain X X Sri Lanka X X X Sudan X X X Swaziland X X Sweden X X Switzerland X X Taiwan X X X Tajikistan X Tanzania X X Thailand X X X Trinidad and Tobago X X Turkey X X X Uganda X Ukraine X United Arab Emirates X X United Kingdom X X USA X X X X Uruguay Venezuela X X Yemen Zambia X X Zimbabwe X X X X

1 As financial market supervision, securities regulation and payment system oversight are all CBA’s functions,

there is no formal cooperation among these entities, but anyway the area and forms of CBA cooperation with other entities on the payment system oversight were set out in Oversight Conception.


3 The High Level Coordination Committee of heads of regulatory bodies meeting is the forum.


237


Table VII.6 Cooperation with other stakeholders

A formal National

Payments Council is in

place

Although not formalized, the Central Bank holds regular meetings with stakeholders

senior levels to discuss strategic issues for the

payment system

Central Bank consults stakeholders on particular

operational issues. Sometimes this includes the creation of an ad-hoc task

force or working group.

The Central Bank consults

stakeholders sporadically and/or mostly on a bilateral

basis

The Central Bank consults almost

exclusively with the bankers’

association

Afghanistan Albania X X Algeria X X X X X Angola X X Argentina X X Armenia X Australia X Austria X X X X Azerbaijan X X Bahamas X X X BCEAO X X X Belarus X Belgium X X X X X Belize Bhutan X X Bolivia Bosnia - Herzegovina X Botswana X X X X Brazil X X X Bulgaria X X Cambodia Canada X X X Cape Verde X X Chile X X China Colombia X X X Costa Rica X Croatia X X Cyprus X X Czech Republic X X DR of Congo X X X X Denmark X X Dominican Republic X X ECCB X X X X Egypt X X X El Salvador 1 X X X Estonia X X Fiji X X X Finland X X X France X X X Georgia X X X X Germany X X X


238

A formal National


place



payment system






basis



association

Ghana X X Greece X X Guatemala X X Guyana X X X Honduras X Hong Kong X X Hungary X X Iceland X X X India X X X X 2 Indonesia X X Iran X Ireland X X X Israel 3 X X Italy X X X Jamaica X X X Japan X Jordan X X X Kazakhstan X X X X Kenya X X Kuwait X X X Kyrgyz Republic X X Latvia X X X Lebanon X X Lesotho X X Lithuania X Luxembourg X X Macao Macedonia X Madagascar Malaysia X X Malta X X Mauritius X X Mexico X X X Moldova X X Mongolia X Morocco X X Mozambique X X X X Myanmar X X X X Namibia X X X Nepal X X Netherlands X X Netherland Antilles X New Zealand X Nicaragua Norway X X Oman X X Pakistan X X X


239

A formal National


place



payment system






basis



association

Paraguay Peru X X Philippines X X Poland X X Portugal X 4 Qatar X Romania X X Russia X X X Rwanda 5 X X X San Marino X Saudi Arabia X X X Serbia X X X Singapore X X X Slovak Republic X X Slovenia X X Solomon Islands X X X X South Africa X X X Spain X X Sri Lanka X X Sudan X X X Swaziland X Sweden X X X Switzerland X X X Taiwan X X Tajikistan Tanzania X X X Thailand X X X Trinidad and Tobago X X X Turkey X X Uganda X X Ukraine X X United Arab Emirates X United Kingdom X X USA 6 X X X Uruguay Venezuela X X Yemen X Zambia X X Zimbabwe X X X

1 The BCR is currently designing its oversight strategy; however, there are some ongoing activities. The

following, answer the on-going and expected activities. 2 We consult IBA on important payment systems issues from time to time i.e. NPCI, domestic bank car network,

customer service issues, Payment and Settlement Systems Bill. 3 The rules and procedures of ZAHAV system set a National Payments Council, this was not implemented yet. 4 CISP consists of the Central Banks, commercial banks, interbank services provider and the Portuguese

Banking Association. 5 The National Payments Council is in the process of being formed.


240

6 Although a formal National Payments Council does not exist in the United States, the Federal Reserve does consult regularly with participants in the payment system through a variety of standing and ad hoc advisory committees and industry groups.


241

PLANNED AND ON-GOING REFORMS TO THE NATIONAL PAYMENTS SYSTEM

Table VIII.1 What elements of the national payments system are being reformed?

Legal and Regulatory Framework

Large-value funds transfer

systems

Retail payment systems

Securities settlement systems

FX settlement

mechanisms Other

Afghanistan Albania X X X X X Algeria X X X X X Angola X X Argentina X X X X Armenia1 X X X Australia X Austria X X Azerbaijan X X X X Bahamas X X X X X BCEAO X X X Belarus X X X X Belgium X X Belize X X X Bhutan X X X X X Bolivia X Bosnia - Herzegovina X Botswana X X X X X X Brazil X Bulgaria X X X X X X Cambodia X Canada2 X Cape Verde X X X X Chile X China X X X Colombia X X X Costa Rica X X Croatia X X 3 Cyprus Czech Republic DR of Congo X X X X X X Denmark Dominican Republic X X X X X X ECCB X X X X X Egypt X X X X X X El Salvador X X X X Estonia X Fiji X Finland X X X X France X X X X Georgia X X X X Germany X X X Ghana X X X X Greece X X


242



systems



FX settlement

mechanisms Other

Guatemala X X X Guyana X Honduras X X X X X Hong Kong X X Hungary X X Iceland X 4 X 5 X 6 India X X X X X X Indonesia X X X X Iran X X Ireland X X X X X Israel X X 7 Italy X X X Jamaica X X X X X X Japan X X X Jordan X Kazakhstan X X Kenya X X X X Kuwait X X X X Kyrgyz Republic X X X X X Latvia X X X X Lebanon X X X X Lesotho X X X Lithuania Luxembourg X X X X Macao X X Macedonia X Madagascar X X X X Malaysia X X Malta X X X X Mauritius X X X Mexico X X X Moldova Mongolia X X X X X Morocco X X X Mozambique X X X X X X Myanmar Namibia X X X X Nepal X Netherlands X X X X Netherlands Antilles X X X X New Zealand Nicaragua X X Norway X X X Oman X X X X X X Pakistan X X X X X X Paraguay X X X Peru X X X X Philippines X X X X X Poland


243



systems



FX settlement

mechanisms Other

Portugal X 8 X 9 X 10 Qatar Romania Russia X X X X Rwanda X X X X X San Marino X X Saudi Arabia X X Serbia X Singapore X X Slovak Republic X X X X Slovenia Solomon Islands South Africa Spain 11 Sri Lanka X X Sudan X X X X X X Swaziland X X X X Sweden 12 X Switzerland X X Taiwan X X X X Tajikistan X X Tanzania Thailand X X X X Trinidad and Tobago X X Turkey X X X Uganda 13 X X X X Ukraine X X United Arab Emirates X X X United Kingdom X USA Uruguay X X X X X X Venezuela X X Yemen Zambia X X X Zimbabwe X X X X X X

1 Maybe it is not so major improvement or reform, but STP feature and guarantee fund mechanism in Stock

Exchange for government and corporate securities are being discussed. 2 Maybe it is not so major improvement or reform, but STP feature and guarantee fund mechanism in Stock

Exchange for government and corporate securities are being discussed. 3 Fully equipped alternate processing site for Large-value funds transfer systems. 4 New regulations for payment systems released in April 2007. 5 Changed in April 2007 from being bilateral to multilateral- improved statistics from the system: new locking

mechanism in the system. 6 New European settlement feature. 7 CLS 8 TARGET 2. 9 SEPA. 10 TARGET 2 Securities. 11 Spain has recently finished its payment system’s reform. For further information, please visit our Website at

http://www.bde.es/sispago/sprefe.htm. However, three major projects are tanking place at European level: TARGET2 system in the field of large value payment systems; SEPA for retail payment systems and TARGET2 Securities in the securities field. Here again, further information can be found at http://www.bde.es/sispago/spcadee.htm.


244

12 A new RTGS system will be implemented in October 2007. 13 In (b), please note that although the RTGS system was implemented in 2005, a major project is underway to

leverage the safety and efficiency features of the RTGS system to streamline the both the Government payment and revenue processes. In this ongoing project, all Government payments will only be made through the RTGS and Electronic Fund Transfer (EFT) systems. All or most of the taxes and other forms of Government revenue will be collected through the RTGS system. The project involves connecting the Ministry of Finance through SWIFT to the RTGS system and being able to initiate RTGS and EFT payments through the SWIFT Network. The tax/revenue collection agency (Uganda Revenue Authority) will also have online and real-time access to tax and revenue collection, and it is anticipated that through linkage and integration to the back office systems, service delivery of the revenue collection agency is expected to improve. The new system is also expected to eliminate the large Government cheque float, and the attendant design, printing, transportation, personalization, storage, processing and the various risk costs associated with cheque payment processes.


245


Table VIII.2 What elements triggered the planned or on-going reform?

Need to reduce

systemic risk

Need to improve the

overall efficiency of the payment

system

Demands from the market for better payment and settlement

services

Demands from end-users for

better payment and settlement

services

Demands from government

institutions for better payment

services

Response to technological innovations

Other

Afghanistan Albania X X Algeria X X X X Angola X X Argentina X X X X X Armenia X X X Australia X Austria X X X Azerbaijan X X X Bahamas X X X X X X BCEAO X X X X X Belarus X X X X X X Belgium X X Belize X X Bhutan X X X X X X Bolivia X X X Bosnia-Herzegovina X Botswana X X X X X X Brazil X X X Bulgaria 1

Cambodia X X X Canada X X X X2 Cape Verde X X X Chile X X China X X X Colombia X X X X X X Costa Rica X X Croatia X X X X X X Cyprus Czech Republic DR of Congo X Denmark Dominican Republic X X X X ECCB X X X X X Egypt X X X X 3 El Salvador X X X X X Estonia Fiji X X X X Finland X X X 4 France X X X X Georgia X X X X X X Germany X X X5 X


246

Need to reduce

systemic risk

Need to improve the


system


services



services



services


Other

Ghana X X X Greece X X X X Guatemala X X X X Guyana X X Honduras X X X Hong Kong X X X X X Hungary X X X Iceland X X X X India X X X X X X X Indonesia X X X X X X Iran X X X Ireland X X X 6 Israel X X X X X 7 Italy X X X X X 8 Jamaica X X X X X X Japan X X X X Jordan X Kazakhstan X X Kenya X X X X X X Kuwait X X X X X X Kyrgyz Republic X X X X X X Latvia X Lebanon X X X Lesotho X X Lithuania Luxembourg X X X Macao X X X Macedonia X X X X X X X Madagascar X X X Malaysia X X X X Malta X X X Mauritius X X X X Mexico X X X X 9 Moldova X 10 Mongolia X X Morocco X X X Mozambique X X X X X X X Myanmar Namibia X X Nepal X Netherlands X X X X Netherlands Antilles X X X X New Zealand Nicaragua X X Norway X X Oman X X X X Pakistan X X X X X


247

Need to reduce

systemic risk

Need to improve the


system


services



services



services


Other

Paraguay X X X X X X Peru X X Philippines X X X X Poland Portugal X X X Qatar Romania Russia X X X X X Rwanda X X X X X X San Marino X X Saudi Arabia X X X X X Serbia X X Singapore X X X X X Slovak Republic X 11 Slovenia Solomon Islands South Africa Spain Sri Lanka X X X X Sudan X X X X X Swaziland X X X Sweden X X Switzerland X X 12 Taiwan X X Tajikistan X X X X Tanzania Thailand X X X X Trinidad and Tobago X X X 13 Turkey X X X X Uganda X X X X X Ukraine X X United Arab Emirates X X X X X

United Kingdom X X USA Uruguay X X X Venezuela X X X X Yemen Zambia X X X Zimbabwe X X X X X X

1 Participation in the EMU. 2 Global trends. 3 An overall banking and financial sectors reform: i) The need to build the infrastructure for payment clearing and

settlement systems to develop the investment and market stability; ii) the need to catch up with developments in Payment systems that is happening in other countries (reducing the gap); iii) acting as catalyst for change, Central Bank of Egypt is supporting commercial banks to provide better payment systems to end-users.

4 Establishment of the Single Euro Payments Area within the EU entails restructuring of retail payment systems in all EU countries, with the aim of cross-border consolidation of infrastructures for efficiency gains.


248

Euro system central banks are planning a centralized securities settlement platform for the whole Euro-area (s.c. TARGET2 for Securities), which may affect also the national CSDs/SSSs.

5 In Europe: SEPA as result of the Single Market Project and the introduction of the euro in Europe. 6 ECB/EU Commissions SEPA initiative. 7 CLS, World Bank Assessment. 8 Participation to the future TARGET2 system & SEPA. 9 The need to reduce operational risk in the securities settlement system. 10 In order to organize the secondary market for government securities with maturities > 1year through Stock

Exchange, the National Depository will become Participant in Book-entry System of the National Bank of Moldova. 11 Preparation for Euro currency adoption on 1 January 2009 and connection to TARGET2. 12 Market and government driven. 13 WHPI Task force recommendations.


249


Table VIII.3 Approach followed in the latest reform effort

Broad/Holistic System-specific

“Big bang” approach Gradualist Strategic

(goal-based)

Starting from the

operational particularitie

s in the country

Afghanistan Albania X X Algeria X X X Angola X X X Argentina X X X Armenia X Australia X X X Austria X X X Azerbaijan X X Bahamas X X X BCEAO X X X Belarus X X X Belgium X X X Belize X Bhutan X Bolivia X Bosnia - Herzegovina X Botswana X X Brazil X X X Bulgaria X Cambodia Canada X X X Cape Verde X Chile X X X China X Colombia X X X Costa Rica X Croatia Cyprus Czech Republic DR of Congo X Denmark Dominican Republic X X X ECCB X X X Egypt X X X El Salvador X X X Estonia X X X Fiji X X Finland X X X France X X Georgia X X X Germany X X X


250



(goal-based)

Starting from the


s in the country

Ghana X X Greece X X X Guatemala X X X Guyana X X X Honduras X X X Hong Kong X X X Hungary X X X Iceland X India X X X Indonesia X X X Iran X Ireland X X X Israel X Italy X X X Jamaica X X Japan X X X Jordan Kazakhstan X Kenya X X Kuwait X X X Kyrgyz Republic X X X X X Latvia X X X Lebanon X X X Lesotho X X Lithuania X X X Luxembourg X X X Macao Macedonia X Madagascar X X X Malaysia X Malta X X X Mauritius X Mexico X X X Moldova X Mongolia X X Morocco X Mozambique X X Myanmar X X X Namibia X X X Nepal X Netherlands Netherlands Antilles X New Zealand Nicaragua X Norway X X X Oman X X X Pakistan X X


251



(goal-based)

Starting from the


s in the country

Paraguay X X X Peru X Philippines X X X Poland X X X Portugal X Qatar X X X Romania Russia X X X Rwanda X San Marino Saudi Arabia X X X Serbia X X X Singapore X X Slovak Republic X X Slovenia Solomon Islands South Africa Spain X X X Sri Lanka X X X Sudan X X X Swaziland X X Sweden X X Switzerland X X Taiwan X X Tajikistan Tanzania X X Thailand X X X X Trinidad and Tobago X Turkey X X X Uganda X X Ukraine X X United Arab Emirates X United Kingdom X X X X USA Uruguay X Venezuela X X Yemen Zambia X X X Zimbabwe 1 X X X X

1 However, a combination of approaches is sometimes used depending on the situation at hand.


252


Table VIII.4.1 Current status of the reform process - Legal Framework

Conceptual Stage

Requirements of law have

been defined

Draft Law under

Development Implementation

Afghanistan Albania X Algeria X Angola Argentina X Armenia Australia X Austria Azerbaijan X Bahamas X BCEAO Belarus X Belgium X Belize X Bhutan X Bolivia X Bosnia and Herzegovina Botswana X Brazil X Bulgaria X Cambodia Canada X X Cape Verde X Chile China X Colombia X Costa Rica X Croatia X Cyprus Czech Republic DR of Congo X Denmark Dominican Republic X ECCB X Egypt X El Salvador X X X Estonia X X Fiji X Finland X France X Georgia X Germany X Ghana X Greece


253

Conceptual Stage


been defined

Draft Law under


Guatemala X Guyana Honduras X Hong Kong Hungary Iceland X India X 1 Indonesia X Iran Ireland X Israel X Italy Jamaica X Japan X Jordan Kazakhstan X Kenya X Kuwait X Kyrgyz Republic X X Latvia X Lebanon X Lesotho X Lithuania Luxembourg X Macao X Macedonia X Madagascar X Malaysia Malta Mauritius Mexico Moldova X Mongolia X Morocco X Mozambique X Myanmar Namibia X Nepal X Netherlands X Netherlands Antilles X New Zealand Nicaragua X Norway Oman X Pakistan X Paraguay X Peru X Philippines X Poland


254

Conceptual Stage


been defined

Draft Law under


Portugal Qatar Romania X X Russia X Rwanda X San Marino Saudi Arabia Serbia Singapore X Slovak Republic Slovenia Solomon Islands South Africa X Spain X Sri Lanka X Sudan X 2 Swaziland Sweden X Switzerland X Taiwan Tajikistan X Tanzania X Thailand X Trinidad and Tobago X Turkey X 3 Uganda Ukraine United Arab Emirates United Kingdom X USA Uruguay Venezuela Yemen X Zambia Zimbabwe

1 The Payment and settlement Systems Bill has been drafted and would be placed in the Parliament. 2 New securities law. 3 Several draft laws including the National Payment System Law are ready and are due for discussion by

Parliament.


255


Table VIII.4.2.1 Current status of the reform process – RTGS system

Conceptual Stage

Requirements/ functionalities

have been defined

Development (for systems

being developed in-house)

Procurement (systems being purchased from

vendors)

Implementation

Afghanistan Albania X Algeria X Angola Argentina X Armenia Australia X Austria X Azerbaijan X Bahamas X BCEAO Belarus X Belgium X 1 Belize X Bhutan Bolivia Bosnia - Herzegovina Botswana X Brazil Bulgaria X Cambodia Canada Cape Verde X Chile China X Colombia X Costa Rica Croatia Cyprus Czech Republic DR of Congo X Denmark Dominican Republic X ECCB X Egypt X El Salvador X X X Estonia X X Fiji X Finland X France X X X Georgia X Germany X Ghana


256

Conceptual Stage


have been defined




vendors)

Implementation

Greece X Guatemala X Guyana Honduras X Hong Kong X Hungary Iceland India X 2 Indonesia X Iran X Ireland X Israel X Italy X Jamaica X X Japan X X X Jordan Kazakhstan Kenya X Kuwait X Kyrgyz Republic X Latvia X Lebanon X Lesotho X Lithuania Luxembourg X Macao X Macedonia Madagascar X Malaysia X Malta Mauritius Mexico Moldova Mongolia X Morocco X Mozambique X Myanmar Namibia Nepal X Netherlands X Netherlands Antilles X New Zealand Nicaragua X X Norway X Oman X Pakistan X Paraguay X Peru


257

Conceptual Stage


have been defined




vendors)

Implementation

Philippines X Poland Portugal X Qatar X Romania Russia X X X Rwanda X San Marino Saudi Arabia X Serbia Singapore Slovak Republic X Slovenia Solomon Islands South Africa Spain X Sri Lanka Sudan X Swaziland X Sweden X Switzerland Taiwan X Tajikistan Tanzania X Thailand Trinidad and Tobago X Turkey Uganda X Ukraine United Arab Emirates United Kingdom USA Uruguay X Venezuela X X Yemen Zambia X Zimbabwe

1 TARGET2 implementation starts from 19November 2007. Belgium is part of the second migration wave and will migrate on 18 February 2008.

2 Implemented.


258


Table VIII.4.2.2 Current status of the reform process – Other Large-Value System

Conceptual Stage


have been defined

Development (for systems being developed in-

house)


vendors)

Implementation

Afghanistan Albania Algeria Angola Argentina Armenia Australia Austria Azerbaijan Bahamas BCEAO Belarus Belgium Belize Bhutan Bolivia Bosnia-Herzegovina Botswana X Brazil Bulgaria Cambodia Canada Cape Verde Chile China Colombia Costa Rica Croatia X 1 Cyprus Czech Republic DR of Congo Denmark Dominican Republic ECCB Egypt El Salvador Estonia Fiji Finland France Georgia Germany Ghana


259

Conceptual Stage


have been defined


house)


vendors)

Implementation

Greece Guatemala Guyana Honduras Hong Kong Hungary Iceland India Indonesia Iran Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya X 2 Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia Madagascar Malaysia Malta X 3 Mauritius Mexico Moldova Mongolia Morocco Mozambique X Myanmar Namibia Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Norway Oman Pakistan Paraguay Peru


260

Conceptual Stage


have been defined


house)


vendors)

Implementation

Philippines Poland Portugal Qatar Romania Russia Rwanda San Marino Saudi Arabia Serbia Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka Sudan Swaziland Sweden Switzerland Taiwan X 4 Tajikistan Tanzania X Thailand Trinidad and Tobago Turkey X Uganda Ukraine United Arab Emirates

United Kingdom USA Uruguay Venezuela Yemen Zambia Zimbabwe

1 Fully equipped alternate processing site for Large-value funds transfer systems. 2 Cross-border RTGS Linkage. 3 Accounting system. 4 Systems integration.


261


Table VIII.4.2.3 Current status of the reform process - ACH

Conceptual Stage


have been defined




vendors)

Implementation

Afghanistan Albania X Algeria X Angola X Argentina X Armenia Australia X Austria X Azerbaijan X Bahamas X BCEAO Belarus Belgium Belize X Bhutan Bolivia Bosnia - Herzegovina Botswana X Brazil X Bulgaria X Cambodia Canada Cape Verde X Chile China Colombia X Costa Rica Croatia Cyprus Czech Republic DR of Congo Denmark Dominican Republic ECCB X Egypt El Salvador X X Estonia Fiji X Finland France X X X Georgia X Germany Ghana X


262

Conceptual Stage


have been defined




vendors)

Implementation

Greece X Guatemala X Guyana Honduras X Hong Kong Hungary X Iceland India X 1 Indonesia Iran X Ireland X Israel X 2 Italy X Jamaica X Japan Jordan Kazakhstan Kenya Kuwait X Kyrgyz Republic X Latvia X Lebanon X Lesotho X Lithuania Luxembourg X Macao Macedonia Madagascar X Malaysia Malta Mauritius Mexico Moldova Mongolia X Morocco X Mozambique X Myanmar Namibia Nepal X Netherlands Netherlands Antilles X New Zealand Nicaragua Norway X Oman X Pakistan X Paraguay Peru


263

Conceptual Stage


have been defined




vendors)

Implementation

Philippines X Poland Portugal Qatar Romania Russia Rwanda X San Marino Saudi Arabia Serbia Singapore Slovak Republic X Slovenia Solomon Islands South Africa Spain Sri Lanka Sudan X Swaziland Sweden Switzerland Taiwan Tajikistan Tanzania X Thailand X Trinidad and Tobago X Turkey Uganda Ukraine United Arab Emirates United Kingdom X USA Uruguay X Venezuela Yemen Zambia X Zimbabwe X

1 The plan is to integrate the ACH system now being operated at 67 centre’s into a single ACH with jurisdiction all

over the country. 2 Changes were made, not a new development.


264


Table VIII.4.2.4 Current status of the reform process - Cheque Clearing

Conceptual Stage


have been defined




vendors)

Implementation

Afghanistan

Albania

Algeria

Angola X

Argentina X

Armenia

Australia X

Austria

Azerbaijan

Bahamas X X

BCEAO

Belarus

Belgium

Belize X

Bhutan X

Bolivia

Bosnia - Herzegovina

Botswana X

Brazil X

Bulgaria

Cambodia X

Canada X X

Cape Verde X

Chile

China

Colombia X

Costa Rica

Croatia

Cyprus

Czech Republic

DR of Congo X

Denmark

Dominican Republic X

ECCB X

Egypt

El Salvador X X X

Estonia

Fiji X

Finland

France

Georgia

Germany

Ghana X


265

Conceptual Stage


have been defined




vendors)

Implementation

Greece

Guatemala X

Guyana X X X

Honduras X

Hong Kong

Hungary

Iceland

India X 1

Indonesia

Iran

Ireland X

Israel X 2

Italy

Jamaica X

Japan

Jordan X X

Kazakhstan

Kenya X

Kuwait X

Kyrgyz Republic

Latvia

Lebanon X

Lesotho X

Lithuania

Luxembourg

Macao

Macedonia

Madagascar X

Malaysia X

Malta

Mauritius X

Mexico

Moldova

Mongolia X

Morocco X

Mozambique X

Myanmar

Namibia

Nepal

Netherlands

Netherlands Antilles X

New Zealand

Nicaragua

Norway

Oman X

Pakistan X

Paraguay

Peru


266

Conceptual Stage


have been defined




vendors)

Implementation

Philippines X

Poland

Portugal

Qatar

Romania

Russia

Rwanda X

San Marino X

Saudi Arabia X

Serbia

Singapore

Slovak Republic

Slovenia

Solomon Islands

South Africa

Spain

Sri Lanka

Sudan X

Swaziland

Sweden

Switzerland

Taiwan

Tajikistan

Tanzania X

Thailand X 3

Trinidad and Tobago

Turkey

Uganda X 4

Ukraine


United Kingdom

USA

Uruguay X

Venezuela

Yemen

Zambia X

Zimbabwe 1 Cheque truncation planned to go live in New Delhi shortly. 2 Changing’s in the existing system. 3 Reform truncation. 4 To improve efficiency and strengthen risk management in the national payment system, cheque amounts are to

be capped at about US$ 11,000 with effect from July 2007.


267


Table VIII.4.2.5 Current status of the reform process - Payment Card Systems

Conceptual Stage


have been defined




vendors)

Implementation

Afghanistan Albania Algeria Angola Argentina Armenia Australia X Austria Azerbaijan X Bahamas X BCEAO X Belarus X Belgium Belize X Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil X Bulgaria X Cambodia Canada X X Cape Verde X Chile China Colombia X Costa Rica Croatia Cyprus Czech Republic DR of Congo X Denmark Dominican Republic X ECCB X Egypt El Salvador Estonia Fiji X Finland France Georgia X Germany Ghana X


268

Conceptual Stage


have been defined




vendors)

Implementation

Greece Guatemala X Guyana Honduras Hong Kong Hungary Iceland India X 1 Indonesia Iran Ireland X Israel Italy Jamaica X Japan Jordan Kazakhstan Kenya Kuwait Kyrgyz Republic X Latvia Lebanon X Lesotho X Lithuania Luxembourg Macao X Macedonia Madagascar Malaysia Malta Mauritius Mexico Moldova Mongolia X Morocco X Mozambique X Myanmar Namibia X Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Norway Oman X Pakistan X Paraguay Peru


269

Conceptual Stage


have been defined




vendors)

Implementation

Philippines Poland Portugal X Qatar Romania Russia X Rwanda X San Marino Saudi Arabia X Serbia Singapore Slovak Republic X Slovenia Solomon Islands South Africa Spain Sri Lanka Sudan X Swaziland X Sweden Switzerland Taiwan Tajikistan Tanzania X Thailand Trinidad and Tobago Turkey Uganda Ukraine United Arab Emirates United Kingdom USA Uruguay X Venezuela Yemen Zambia X Zimbabwe


270


Table VIII.4.2.6 Current status of the reform process – Other Retail System

Conceptual Stage


have been defined




vendors)

Implementation

Afghanistan Albania Algeria Angola Argentina Armenia Australia Austria Azerbaijan Bahamas BCEAO Belarus Belgium Belize Bhutan Bolivia Bosnia - Herzegovina Botswana Brazil Bulgaria Cambodia Canada Cape Verde Chile China Colombia Costa Rica Croatia Cyprus Czech Republic DR of Congo Denmark Dominican Republic ECCB Egypt El Salvador Estonia Fiji Finland X France Georgia Germany X Ghana


271

Conceptual Stage


have been defined




vendors)

Implementation

Greece Guatemala Guyana Honduras Hong Kong Hungary Iceland India X 1 Indonesia Iran Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia Madagascar Malaysia Malta Mauritius Mexico Moldova Mongolia Morocco X Mozambique X Myanmar Namibia Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Norway Oman X 2 Pakistan Paraguay Peru


272

Conceptual Stage


have been defined




vendors)

Implementation

Philippines Poland Portugal X Qatar Romania Russia Rwanda San Marino Saudi Arabia Serbia Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka Sudan X Swaziland Sweden Switzerland Taiwan X 3 Tajikistan Tanzania Thailand Trinidad and Tobago X 4 X 5 Turkey Uganda X 6 X 7 Ukraine United Arab Emirates United Kingdom USA Uruguay Venezuela Yemen Zambia Zimbabwe

1 Retail Electronic Funds Transfer/National EFT has been implemented. 2 Cheque Imaging System. 3 E-money and e-check. 4 Government payments systems. 5 Online Banking systems. 6 1.Mobile banking. 2.Electronic purse schemes. 7 East African Cross border payment system.


273


Table VIII.4.2.7 Current status of the reform process - Securities settlement systems

Conceptual Stage


have been defined




vendors)

Implementation

Afghanistan

Albania X

Algeria X

Angola

Argentina

Armenia X 1 X 2

Australia X

Austria

Azerbaijan X

Bahamas X

BCEAO

Belarus X

Belgium

Belize

Bhutan X

Bolivia X

Bosnia - Herzegovina

Botswana X

Brazil

Bulgaria X

Cambodia

Canada

Cape Verde X

Chile X

China

Colombia X

Costa Rica X

Croatia

Cyprus

Czech Republic

DR Congo

Denmark

Dominican Republic X

ECCB X

Egypt X 3

El Salvador X X X

Estonia

Fiji X

Finland X X

France X X X

Georgia X

Germany

Ghana


274

Conceptual Stage


have been defined




vendors)

Implementation

Greece

Guatemala X

Guyana

Honduras X

Hong Kong X

Hungary

Iceland X X

India X 4

Indonesia

Iran X

Ireland

Israel X 5

Italy X

Jamaica X X

Japan X

Jordan

Kazakhstan

Kenya X

Kuwait

Kyrgyz Republic X

Latvia

Lebanon X X X

Lesotho

Lithuania

Luxembourg X

Macao

Macedonia

Madagascar X

Malaysia

Malta

Mauritius

Mexico X

Moldova X

Mongolia X

Morocco X

Mozambique X

Myanmar

Namibia X

Nepal

Netherlands X

Netherlands Antilles

New Zealand

Nicaragua X

Norway X

Oman X

Pakistan X

Paraguay X

Peru X


275

Conceptual Stage


have been defined




vendors)

Implementation

Philippines

Poland

Portugal X

Qatar

Romania

Russia

Rwanda X

San Marino

Saudi Arabia

Serbia

Singapore

Slovak Republic X X

Slovenia

Solomon Islands

South Africa

Spain

Sri Lanka

Sudan X

Swaziland X

Sweden

Switzerland X 6

Taiwan X

Tajikistan

Tanzania X

Thailand

Trinidad and Tobago X

Turkey

Uganda

Ukraine


United Kingdom

USA

Uruguay X

Venezuela

Yemen

Zambia X

Zimbabwe 1 For Prefunding Mechanism. 2 For STP. 3 Update of the existing system. 4 Streamlining of electronic clearing system is being carried out. 5 Changes were made, not a new development. 6 Merger of the big three operators of trading, securities settlement and fund settlement systems in Switzerland.


276


Table VIII.2.8 Current status of the reform process - Foreign exchange settlement systems

Conceptual Stage

Requirements/ functionalities have

been defined




vendors)

Implementation

Afghanistan Albania Algeria X Angola Argentina Armenia X 1 X 2 Australia X Austria Azerbaijan X Bahamas BCEAO Belarus Belgium Belize Bhutan X Bolivia Bosnia - Herzegovina X Botswana X Brazil Bulgaria Cambodia Canada Cape Verde Chile X China X Colombia X Costa Rica X Croatia Cyprus Czech Republic DR of Congo X Denmark Dominican Republic ECCB Egypt El Salvador Estonia Fiji X Finland France Georgia Germany Ghana


277

Conceptual Stage


been defined




vendors)

Implementation

Greece Guatemala X Guyana Honduras X Hong Kong Hungary Iceland India X 3 Indonesia X Iran Ireland Israel X 4 Italy Jamaica X Japan Jordan Kazakhstan Kenya Kuwait Kyrgyz Republic Latvia Lebanon Lesotho Lithuania Luxembourg Macao Macedonia Madagascar Malaysia Malta Mauritius Mexico X Moldova Mongolia X Morocco X Mozambique X Myanmar Namibia Nepal Netherlands Netherlands Ant X New Zealand Nicaragua Norway Oman X Pakistan X Paraguay Peru


278

Conceptual Stage


been defined




vendors)

Implementation

Philippines Poland Portugal Qatar Romania Russia Rwanda X San Marino Saudi Arabia Serbia X X Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka Sudan X Swaziland X Sweden Switzerland Taiwan Tajikistan Tanzania X Thailand X Trinidad and Tobago Turkey Uganda Ukraine UAE United Kingdom USA Uruguay X Venezuela Yemen Zambia X Zimbabwe

1 For Prefunding Mechanism. 2 For STP. 3 Already exists. 4 NSI will be included in CLS from April 2008.


279


Table VIII.5.1 How relevant are/have been the following elements as an enabling factor or an obstacle for

establishing payment system development objectives (Awareness and Cooperation)

Central bank awareness of risk and

efficiency issues

Other financial authorities’ awareness of risk and efficiency

issues

Private-sector awareness of risk and

efficiency issues

Clarity of central bank PS development

objectives

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle

Afghanistan Albania 1 2 3 1 Algeria 1 1 3 1 Angola 3 3 3 1 Argentina Armenia 1 1 3 3 2 Australia 1 3 2 3 Austria 1 2 2 2 Azerbaijan 1 2 3 1 Bahamas 1 2 2 1 BCEAO 1 2 2 2 2 1 Belarus 1 3 3 3 3 2 2 3 Belgium 1 2 1 Belize 1 1 1 1 Bhutan 2 3 1 3 1 2 1 3 Bolivia 2 3 2 1 Bosnia-Herzegovina Botswana 1 2 2 1 Brazil 1 2 1 1 Bulgaria 1 3 2 2 1 2 1 3 Cambodia 1 1 1 Canada 1 3 1 2 1 Cape Verde 1 1 2 2 1 Chile 1 1 2 1 China 1 1 2 1 Colombia 1 1 2 1 Costa Rica 1 3 3 1 Croatia 1 1 1 1 Cyprus 2 2 3 3 Czech Republic 2 DR of Congo 1 1 3 1 Denmark 2 2 3 3 Dominican Republic 1 3 1 1 ECCB 1 1 2 1 Egypt 2 3 3 1 El Salvador 1 1 2 1 Estonia 1 2 Fiji 1 3 1 3 1 3 1 3 Finland 1 3 2 2 1 2 1 3 France x x x


280


efficiency issues


issues


efficiency issues


objectives


Georgia 1 1 3 2 Germany 1 3 3 1 2 Ghana 1 2 Greece 1 3 2 1 Guatemala 1 1 2 1 Guyana 1 3 3 2 Honduras 1 3 2 3 3 3 1 3 Hong Kong 1 3 1 Hungary 1 3 2 1 Iceland India 1 2 2 1 Indonesia 1 2 1 2 Iran 1 1 1 Ireland 1 1 2 2 Israel 1 2 3 3 Italy 1 3 1 2 Jamaica 1 1 1 1 Japan 1 1 1 2 Jordan 1 2 2 2 Kazakhstan 1 1 1 1 Kenya 1 2 2 2 Kuwait 3 Kyrgyz Republic 1 1 2 1 Latvia 1 1 2 1 Lebanon 2 2 3 Lesotho 1 2 1 Lithuania 1 3 3 3 3 1 Luxembourg 1 1 1 1 Macao 1 2 2 2 Macedonia 1 2 2 2 Madagascar 1 1 2 1 Malaysia 1 2 2 1 Malta 1 2 3 Mauritius 1 3 1 3 1 3 1 3 Mexico 1 2 1 1 Moldova 1 1 1 1 Mongolia 2 2 3 2 Morocco Mozambique 2 2 2 1 Myanmar 1 3 2 Namibia 1 3 1 3 1 3 1 3 Nepal 1 1 2 2 Netherlands 1 1 2 1 1 1 1 1 Netherlands Antilles 1 1 1 3 1 New Zealand 1 3 3 2 Nicaragua 1


281


efficiency issues


issues


efficiency issues


objectives


Norway 1 2 1 1 Oman 1 2 3 1 Pakistan 1 2 1 1 Paraguay 1 1 1 1 Peru 1 2 2 2 Philippines 1 1 1 1 Poland 1 3 2 1 Portugal 1 1 1 1 Qatar 1 3 1 3 2 2 2 2 Romania 1 1 1 1 Russia 1 2 2 1 Rwanda 1 1 2 1 San Marino 1 3 3 2 Saudi Arabia 2 2 1 1 Serbia 1 1 2 1 Singapore 2 2 1 Slovak Republic Slovenia 1 2 3 1 Solomon Islands 1 1 1 1 South Africa 1 1 1 1 1 1 1 Spain 3 Sri Lanka 1 1 2 1 Sudan 1 2 1 1 Swaziland 1 2 2 1 Sweden 1 3 3 1 Switzerland4 1 3 3 3 2 1 3 3 Taiwan 1 2 3 1 Tajikistan 1 2 3 1 Tanzania 1 2 1 Thailand 1 1 1 1 Trinidad and Tobago 1 2 2 1 Turkey 1 1 1 1 Uganda 1 2 2 1 Ukraine 1 2 2 1 UAE 2 2 2 3 United Kingdom 2 3 1 USA 1 2 2 1 Uruguay 1 1 2 1 Venezuela x x x x Yemen 1 1 3 1 Zambia 1 1 2 1 Zimbabwe 1 1 2 1 Total Answers 1 101 2 43 2 34 6 85 2 Total Answers 2 12 1 34 10 41 16 22 1 Total Answers 3 1 12 19 11 20 12 7 11


282

1 Please note that the requirements of this Table were not so clear for us, so there might be misunderstandings. 2 It is highly theoretical and academical point. Therefore, the answers depend on general context and point of

view. We consider it quite problematic to assess these issues. In general terms, the priority of the Banco de España in its policy in this field is the promotion of safe, sound and efficient payment systems. So, elements with the highest importance for us are those related to the safety of systems.

3 However, in the moment of the decision of reforming the payment systems in Spain the drivers were more related with the improvement of risk management and efficiency. At the same time, Banco de España issued its policy stance on oversight of payment systems in order to clearly establish its objectives in this area and give transparency on the performance of this central bank function. Ensuring appropriate governance/supervision/oversight was not an issue in that moment. We do not identify any obstacle to the reform of the payment systems in Spain; on the contrary, this reform has been agreed with the banking industry at the highest level.

4 Read the left number as enabler for the new Securities law and the right number as enabler for the Merger of the big three operators of trading, securities settlement and fund settlement systems in Switzerland


283


Table VIII.5.1 (continued) How relevant are/have been the following elements as an enabling factor or an obstacle for

establishing payment system development objectives (Awareness and Cooperation)

Transparency of central bank PS development objectives

Commitment on objectives by other authorities

Commitment on objectives by private sector

Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan Albania 1 2 2 Algeria 1 1 3 Angola 1 3 1 Argentina Armenia 2 3 2 Australia 3 3 2 Austria 2 Azerbaijan 1 2 2 2 3 Bahamas 2 BCEAO 2 1 2 1 1 Belarus 3 3 3 2 3 2 Belgium 1 Belize 1 1 1 Bhutan 1 3 1 3 1 3 Bolivia 1 2 2 Bosnia - Herzegovina x Botswana 2 1 1 Brazil 1 1 2 Bulgaria 2 2 2 2 1 3 Cambodia 1 Canada 1 1 2 1 1 Cape Verde 1 2 1 2 1 Chile 1 1 1 China 1 2 3 Colombia 1 2 2 Costa Rica 1 3 2 Croatia 1 2 3 Cyprus 3 3 2 Czech Republic DR of Congo 1 2 3 Denmark 2 3 3 Dominican Republic 1 2 1 ECCB 1 2 2 Egypt 2 2 2 El Salvador 1 2 3 Estonia Fiji 1 3 2 2 2 2 Finland 1 3 1 2 1 2 France x Georgia 2 2 3 Germany 3 3 1 Ghana 1 1


284




Enabler Obstacle Enabler Obstacle Enabler Obstacle Greece 1 3 2 Guatemala 2 3 3 Guyana 2 3 3 Honduras 1 3 2 3 3 3 Hong Kong 1 1 Hungary 1 1 1 Iceland India 1 3 3 Indonesia 2 3 3 Iran 1 1 Ireland 2 2 3 Israel 2 2 2 Italy 2 3 2 Jamaica 1 1 1 Japan 2 2 2 Jordan 1 2 2 Kazakhstan 1 Kenya 2 2 2 Kuwait 1 Kyrgyz Republic 1 3 3 Latvia 1 2 3 Lebanon 3 Lesotho 1 1 1 Lithuania 1 3 3 3 3 Luxembourg 1 2 Macao 2 3 3 Macedonia 2 2 2 Madagascar 1 1 1 Malaysia 1 2 2 Malta Mauritius 1 3 2 2 2 2 Mexico 1 2 1 Moldova 1 Mongolia 2 2 3 Morocco Mozambique 1 3 3 Myanmar 3 2 1 Namibia 1 3 3 3 1 3 Nepal 1 2 2 Netherlands 1 1 1 1 1 1 Netherlands Antilles 2 3 3 New Zealand 3 Nicaragua 3 1 3 1 Norway 1 2 1 Oman 1 2 3 Pakistan 1 2 3 Paraguay 2 2 2 Peru 2 2 3


285




Enabler Obstacle Enabler Obstacle Enabler Obstacle Philippines 1 1 1 Poland 1 3 3 Portugal 1 1 1 Qatar 2 2 2 2 1 3 Romania 1 2 1 Russia 1 1 2 Rwanda 1 1 2 San Marino 3 3 3 Saudi Arabia 1 2 1 Serbia 2 1 2 Singapore 3 Slovak Republic Slovenia 2 2 3 Solomon Islands 1 2 1 2 1 South Africa 1 1 1 1 1 Spain Sri Lanka 1 2 2 Sudan 1 3 2 Swaziland 1 2 2 Sweden 1 2 3 Switzerland 3 3 3 3 1 1 Taiwan 1 2 3 Tajikistan 1 Tanzania 1 2 3 Thailand 1 2 2 Trinidad and Tobago 2 2 3 Turkey 1 2 1 Uganda 1 2 2 Ukraine 2 2 2 United Arab Emirates 3 3 3 United Kingdom 1 1 USA 1 2 1 Uruguay 1 1 3 Venezuela x Yemen 1 1 3 Zambia 2 1 2 Zimbabwe 1 2 2 Total Answers 1 73 2 21 7 30 12 Total Answers 2 28 3 46 15 31 9 Total Answers 3 8 11 21 9 29 14


286



developing efficient payment and settlement arrangements

State of physical infrastructure/

demography/ geography/ culture/ industrial

structure

Impact of macroeconomic/political

environment

Support of legal/regulatory regime

Alignment with financial/market structure

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan

Albania 2 2 2 2

Algeria 1 3 1 1

Angola 3 1 1 3

Argentina 3 1

Armenia 3 1 2 2 1 3 2 2

Australia 1 3 1 3

Austria 2 2 2 2

Azerbaijan 1 1 1 2 1

Bahamas 1 3 2 3

BCEAO 2 2 3 2 2 2

Belarus 2 2 2 2 1 2 3 1

Belgium 1 2 1 1

Belize 1 2 1 1

Bhutan 2 2 2 3 2 3 2 3

Bolivia 2 2

Bosnia-Herzegovina

Botswana 2 1 1 1

Brazil 2 2 1 1

Bulgaria 1 1 1 1 1 1 1 1

Cambodia 1 1 1 1

Canada 1 3 3 1 2 1 2

Cape Verde 2 1 2 1 1

Chile 3 3 3 3

China 1 2 1 1

Colombia 2 1 2 2

Costa Rica 1 1 3 2

Croatia 2 2 1 2

Cyprus 1 3 3 2 3 3

Czech Republic

DR of Congo 1 1 1

Denmark 1 3 1 1

Dominican Republic 3 3 2 2

ECCB 1 2 2 1

Egypt 2 2 3 1

El Salvador 1 1 2 2

Estonia 3

Fiji 1 2 2 2 1 1 1 1

Finland 2 3 2 3 1 3 1 2

France x

Georgia 3 2 2 2


287



structure


environment



Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Germany 1 3 2 2 2 2 1

Ghana 1 2

Greece 3 3 3 1

Guatemala 3 3 1 2

Guyana 2 3 2 2

Honduras 2 2 1 3 2 2 1 3

Hong Kong 1 1 1 1

Hungary 3 1 1 1 1

Iceland

India 2 2 2 2

Indonesia 1 1 2 2

Iran 2 2

Ireland 3 3 2 3

Israel 2 3 1 3

Italy 2 3 2 1 2 2

Jamaica 1 1 2 1

Japan 3 3 1 2

Jordan 1 2 2 2

Kazakhstan 1 1 1 1

Kenya 2 1 2 1

Kuwait 1

Kyrgyz Republic 2 2 2 1

Latvia 1 2 2 2

Lebanon 2 2 2 2

Lesotho 1 2 1 2

Lithuania 3 3 2 3 2 2

Luxembourg

Macao 2 3 2 3

Macedonia 2 1 2 3

Madagascar 2 1 1 2

Malaysia 2 2 1 1

Malta 2

Mauritius 2 2 1 3 1 3 1 3

Mexico 3 1 1 3

Moldova 1 1

Mongolia 3 3 3 2

Morocco

Mozambique 1 1 1 2

Myanmar 1 2

Namibia 1 3 1 3 1 3 1 3

Nepal 2 3 1 1

Netherlands 1 1 1 1 1 1 1 1

Netherlands Antilles 1 3 2 2 3 3

New Zealand 3 3 1 3

Nicaragua 2 3 1 1 3 2

Norway 2 1 1 1

Oman 3 1 3 2


288



structure


environment



Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Pakistan 1 3 1 2

Paraguay 2 1 1 2

Peru 2 2 2 2

Philippines 2 2 2 1

Poland 2 3

Portugal 3 2 2 2

Qatar 1 3 1 3 2 2 2 2

Romania 3 3 1 1

Russia 2 2 1 2

Rwanda 1 1 1 2 1

San Marino 1 3 3 3

Saudi Arabia 1 2 1 1

Serbia 2 2 1 2

Singapore 2 3

Slovak Republic

Slovenia 1 2 3 3

Solomon Islands 1 1 1 1 1 1

South Africa 2 1 1 1 1 2 1 2

Spain

Sri Lanka 1 2 1 1

Sudan 2 3 2 2

Swaziland 2 2 2 2 2 2

Sweden 1 2 1 1

Switzerland 1 1 3 1 3 3 2 1

Taiwan 3 3 3 2

Tajikistan 1 1 1

Tanzania 2 2 2 2 2

Thailand 2 2 2 1

Trinidad and Tobago 1 3 3 2

Turkey 1 2 2 2 1 1 1

Uganda 2 2 3 1 2 2

Ukraine 3 2 1 2

United Arab Emirates 1 1 2

United Kingdom 3 2

USA 2 2 1 3 2

Uruguay 1 1 2 3

Venezuela x x x

Yemen 2 3 3

Zambia 2 2 1 1 1

Zimbabwe 2 2 2 2 1 1

Total Answers 1 35 20 35 8 49 13 43 6

Total Answers 2 29 27 38 13 31 23 35 13

Total Answers 3 13 13 19 17 8 13 16 10

1 1 for securities settlement systems. 2 1 for securities settlement systems.


289

3 The political instability and high inflation of the 1970s led to financial disintermediation and a sharp reduction in the use of non-cash payment instruments, hence the ranking of 1 as an obstacle. On the other hand, the sustained positive macroeconomic performance since 1986 has led to calls for a more efficient national payment system to support fast, reliable and efficient transfer of monetary values within the economy, hence the ranking of 2 as an enabler.


290


Table VIII.5.2 (continued) How relevant are/have been the following elements as an enabling factor or an obstacle for

developing efficient payment and settlement arrangements

Degree of access of population to financial

services

State of existing payment and settlement

arrangements and instruments

Roles of the central bank in the payment

system

Roles of other authorities

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan Albania 3 1 1 2 Algeria 1 3 1 1 Angola 3 3 1 3 Argentina 2 3 2 1 Armenia 2 1 2 2 1 Australia 1 2 2 3 Austria 2 2 1 2 Azerbaijan 2 2 1 1 1 3 Bahamas 3 1 1 3 BCEAO 2 2 3 3 1 1 2 2 Belarus 1 1 2 2 1 1 3 3 Belgium 2 Belize 1 1 1 1 1 Bhutan 3 3 2 2 1 3 1 3 Bolivia 2 1 2 Bosnia-Herzegovina x Botswana 3 1 1 2 Brazil 2 2 1 3 Bulgaria 2 2 1 1 1 1 2 2 Cambodia 2 1 Canada 1 2 3 1 3 2 2 Cape Verde 2 1 1 1 Chile 2 2 1 1 China 2 2 1 3 Colombia 2 2 1 2 Costa Rica 3 1 1 3 Croatia 2 2 1 2 Cyprus 3 3 2 2 Czech Republic DR of Congo 1 1 1 1 Denmark 1 1 2 2 Dominican Republic 2 2 1 3 ECCB 1 1 1 1 Egypt 1 2 1 1 El Salvador 3 1 1 3 Estonia 2 1 Fiji 2 2 2 2 1 2 1 2 Finland 2 3 1 3 2 3 2 3 France x x Georgia 2 2 2 1 3 Germany 1 1 3 1 3 3


291


services




system


Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Ghana 3 2 1 Greece 3 2 1 3 Guatemala 1 2 1 3 Guyana 2 2 1 3 Honduras 2 3 2 3 1 3 2 2 Hong Kong 1 1 1 Hungary 1 3 1 3 Iceland India 3 2 1 3 Indonesia 2 1 1 2 Iran 1 2 1 Ireland 2 2 2 2 Israel 2 3 1 2 Italy 3 3 1 1 3 Jamaica 1 2 1 1 Japan 3 2 2 2 Jordan 2 1 1 2 Kazakhstan 2 1 1 2 Kenya 1 2 1 2 Kuwait 3 Kyrgyz Republic 1 1 1 3 Latvia 1 1 1 3 Lebanon 2 3 1 Lesotho 1 2 1 3 Lithuania 3 3 1 3 1 3 3 3 Luxembourg 1 Macao 3 2 1 2 Macedonia 2 2 2 3 Madagascar 2 1 1 2 Malaysia 1 1 1 2 Malta 1 3 Mauritius 1 3 1 3 1 3 1 3 Mexico 1 2 1 1 Moldova 1 1 Mongolia 3 2 2 2 Morocco Mozambique 1 1 3 Myanmar 3 3 1 2 Namibia 3 3 1 3 1 3 3 3 Nepal 2 2 1 2 Netherlands 1 1 1 1 1 1 1 1 Netherlands Antilles 1 2 2 1 1 3 New Zealand 3 3 3 3 Nicaragua 3 3 3 3 3 3 3 Norway 1 1 1 2 Oman 2 1 1 2 Pakistan 1 1 1 3


292


services




system


Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Paraguay 1 2 2 2 Peru 2 2 1 2 Philippines 2 1 1 1 Poland 2 2 3 Portugal x x x x Qatar 1 3 2 3 1 Romania 2 1 1 2 Russia 1 1 1 2 Rwanda 2 2 1 2 San Marino 1 3 1 3 Saudi Arabia 2 2 1 3 Serbia 2 2 1 2 Singapore 1 Slovak Republic Slovenia 2 2 1 2 Solomon Islands 1 3 1 3 3 South Africa 1 1 2 1 1 1 2 2 Spain Sri Lanka 1 1 1 2 Sudan 2 3 1 3 Swaziland 2 2 1 2 2 Sweden 1 1 1 2 Switzerland 2 3 3 1 1 1 3 3 3 Taiwan 2 2 1 2 Tajikistan 1 2 1 2 Tanzania 2 1 2 Thailand 2 1 1 2 Trinidad and Tobago 2 3 1 2 Turkey 1 3 1 1 2 Uganda 2 2 1 2 Ukraine 2 1 1 2 United Arab Emirates 2 2 1 United Kingdom 3 2 2 USA 1 1 1 1 2 2 Uruguay 2 1 3 Venezuela x x x Yemen 1 3 1 1 Zambia 1 2 1 1 Zimbabwe 2 1 1 1 Total Answers 1 28 17 39 11 100 5 16 3 Total Answers 2 33 20 43 13 12 1 45 11 Total Answers 3 14 17 9 18 6 10 29 14

1 1 for securities settlement systems. 2 Read the left number as enabler for the new Securities law and the right number as enabler for the Merger of

the big three operators of trading, securities settlement and fund settlement systems in Switzerland.


293



promoting safe payment and settlement arrangements

State of physical infrastructure/ demography/

geography/ culture/ industrial structure


environment


Alignment with financial/market

structure

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan Albania 3 2 1 2 Algeria 1 3 1 1 Angola 3 1 1 3 Argentina 1 2 3 Armenia 3 1 2 2 1 3 2 2 Australia 3 3 1 3 Austria 2 2 1 1 Azerbaijan 1 1 3 3 1 3 Bahamas 2 3 2 1 BCEAO 2 2 3 3 2 2 2 3 Belarus 3 3 2 2 1 2 1 1 Belgium 1 Belize 2 2 1 2 Bhutan 2 2 2 2 2 2 2 2 Bolivia 2 2 Bosnia-Herzegovina Botswana 2 1 1 1 Brazil 2 2 1 1 Bulgaria 1 1 2 2 3 3 1 1 Cambodia 1 1 1 1 Canada 2 3 1 1 Cape Verde 2 2 2 1 1 Chile 3 3 3 3 China 2 2 1 2 Colombia 2 1 2 2 Costa Rica 1 1 3 2 Croatia 2 2 1 2 Cyprus 3 3 3 1 2 Czech Republic DR of Congo 1 1 1 1 Denmark 1 3 1 1 Dominican Republic 3 2 2 2 ECCB 1 2 2 1 Egypt 2 2 2 3 El Salvador 1 1 2 3 Estonia 3 Fiji 2 1 1 2 1 1 2 1 Finland 2 3 2 3 1 3 1 2 France x Georgia 3 2 2 2


294




environment



structure

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Germany 1 3 1 1 2 2 Ghana 1 2 Greece 3 3 3 1 Guatemala 1 2 2 2 Guyana 2 3 3 3 Honduras 2 2 1 3 2 2 1 3 Hong Kong 1 1 1 1 Hungary 2 3 1 1 Iceland India 2 2 2 2 Indonesia 1 1 2 2 Iran 2 2 Ireland 3 3 2 3 Israel 2 2 1 2 Italy 2 3 1 1 1 Jamaica 1 1 2 1 Japan 3 3 1 2 Jordan 1 2 2 2 Kazakhstan 1 1 1 1 Kenya 2 3 2 2 2 Kuwait 1 3 Kyrgyz Republic 2 x 1 1 Latvia 1 3 2 2 1 1 Lebanon 2 2 2 2 Lesotho 1 1 2 Lithuania 3 3 3 3 2 3 2 3 Luxembourg 1 Macao 2 3 2 2 Macedonia 2 1 2 3 Madagascar 1 2 1 2 Malaysia 2 2 1 1 Malta 1 Mauritius 1 3 1 3 1 3 1 3 Mexico 3 1 1 3 Moldova 1 1 Mongolia 3 3 3 3 Morocco Mozambique 1 1 1 1 Myanmar 2 2 Namibia 1 3 1 3 1 3 1 3 Nepal 2 3 1 1 Netherlands 1 1 1 1 1 1 1 1 Netherlands Antilles 1 1 3 3 1 3 3 New Zealand 3 3 3 3 Nicaragua 3 3 3 3 1 3 3 Norway 2 1 1 1 Oman 3 1 3 2


295




environment



structure

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Pakistan 1 3 1 2 Paraguay 2 1 1 2 Peru Philippines 2 2 2 Poland 2 2 Portugal 1 1 1 1 Qatar 1 3 2 2 2 2 2 2 Romania 3 3 1 1 Russia 2 2 1 2 Rwanda 1 1 2 1 San Marino 2 3 3 3 Saudi Arabia 2 2 2 1 Serbia 2 2 1 2 Singapore 2 2 Slovak Republic Slovenia 2 2 2 3 Solomon Islands 1 1 1 1 1 2 1 South Africa 1 1 1 Spain Sri Lanka 1 2 1 1 Sudan 2 2 2 2 Swaziland 2 2 2 2 2 2 2 2 Sweden 1 2 1 1 Switzerland 2 1 1 3 3 2 2 1 1 Taiwan 2 3 3 2 Tajikistan 1 1 1 Tanzania 3 3 2 3 Thailand 2 2 2 1 Trinidad and Tobago 2 3 3 2 Turkey 1 2 2 2 1 1 1 Uganda 2 2 2 2 Ukraine 3 2 1 2 United Arab Emirates 1 1 2 United Kingdom 3 2 USA 2 2 1 1 1 1 Uruguay 1 1 2 3 Venezuela x x x Yemen 2 3 3 Zambia 1 1 1 1 Zimbabwe 2 2 2 1 1 Total Answers 1 30 19 31 4 55 10 43 6 Total Answers 2 31 23 35 17 27 21 35 13 Total Answers 3 16 16 22 17 8 14 16 10

1 1 for securities settlement systems. 2 Read the left number as enabler for the new Securities law and the right number as enabler for the Merger of



296


Table VIII.5.3 (continued) How relevant are/have been each of the following elements as an enabling factor or an obstacle for

promoting safe payment and settlement arrangements




system


Applicability of international standards

Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan Albania 1 1 2 1 Algeria 3 1 1 1 Angola 3 1 3 1 Argentina 1 2 3 Armenia 2 2 1 1 2 Australia 2 1 3 2 Austria 2 1 1 1 Azerbaijan 1 1 1 3 2 Bahamas 1 1 3 1 BCEAO 2 2 1 1 2 2 Belarus 1 1 1 3 3 3 2 3 Belgium 1 Belize 1 1 1 Bhutan 2 2 1 3 1 3 1 3 Bolivia 3 1 2 2 Bosnia-Herzegovina x Botswana 1 1 1 1 Brazil 1 1 3 1 Bulgaria 1 1 1 1 2 2 2 2 Cambodia 1 Canada 2 1 2 1 1 2 1 Cape Verde 2 1 3 1 Chile 2 1 1 1 China 1 1 2 1 Colombia 1 1 2 1 Costa Rica 3 1 3 3 Croatia 2 1 2 1 Cyprus 1 1 1 Czech Republic DR of Congo 1 1 3 Denmark 1 2 2 2 Dominican Republic 2 1 2 2 ECCB 1 1 1 1 Egypt 1 1 2 2 El Salvador 1 1 3 1 Estonia 2 1 Fiji 1 2 1 3 1 2 1 1 Finland 1 3 2 3 2 3 2 3 France x x x Georgia 2 1 2 1 Germany 2 2 1 3 1


297




system



Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Ghana 1 1 Greece 2 1 3 1 Guatemala 2 2 2 2 Guyana 3 1 3 1 Honduras 1 3 1 3 2 2 1 3 Hong Kong 1 1 1 Hungary 3 1 1 3 Iceland India 2 1 3 1 Indonesia 1 1 2 1 Iran 1 1 Ireland 2 1 2 1 Israel 2 1 2 1 Italy 2 1 1 3 1 2 Jamaica 2 1 1 1 Japan 2 2 2 2 Jordan 1 1 2 1 Kazakhstan 2 1 2 1 Kenya 2 2 2 2 Kuwait Kyrgyz Republic 1 1 3 1 Latvia 1 1 2 1 Lebanon 3 1 1 Lesotho 2 1 1 1 Lithuania 1 3 1 3 3 3 1 3 Luxembourg 1 1 Macao 2 1 3 3 Macedonia 2 2 3 1 Madagascar 1 1 2 1 Malaysia 1 1 1 2 Malta 2 3 Mauritius 1 3 1 3 1 3 1 3 Mexico 2 1 1 1 Moldova 1 1 1 Mongolia 3 2 2 3 Morocco Mozambique 1 1 3 1 Myanmar 1 3 1 Namibia 1 3 1 3 3 3 1 3 Nepal 2 2 1 2 Netherlands 1 1 1 1 3 1 1 1 Netherlands Antilles 1 1 1 3 3 2 New Zealand 3 1 3 1 Nicaragua 1 3 1 3 3 3 1 3 Norway 1 1 1 1 Oman 1 1 1 1 Pakistan 1 1 3 1


298




system



Enabler Obstacle Enabler Obstacle Enabler Obstacle Enabler Obstacle Paraguay 1 2 2 3 Peru Philippines 1 1 1 1 Poland 1 1 1 Portugal 1 1 1 1 Qatar 2 3 1 3 2 Romania 1 1 2 1 Russia 1 1 2 1 Rwanda 2 1 2 1 San Marino 3 1 3 3 Saudi Arabia 2 1 2 1 Serbia 2 1 2 1 Singapore 3 1 2 Slovak Republic Slovenia 3 1 2 1 Solomon Islands 3 1 2 2 2 South Africa 1 1 2 3 Spain Sri Lanka 1 1 1 1 Sudan 3 1 3 2 Swaziland 1 1 2 2 2 Sweden 1 1 2 1 Switzerland 1 1 2 2 3 3 2 2 Taiwan 2 2 2 2 Tajikistan 1 1 1 Tanzania 2 1 2 1 Thailand 1 1 2 1 Trinidad and Tobago 1 1 2 2 Turkey 1 1 2 1 Uganda 1 1 2 2 Ukraine 1 1 2 2 United Arab Emirates 2 2 1 United Kingdom 2 2 1 USA 1 1 1 2 2 1 Uruguay 2 1 3 1 Venezuela x x x x Yemen 3 1 1 1 Zambia 2 1 1 1 Zimbabwe 1 1 1 1 Total Answers 1 49 14 102 3 23 3 77 3 Total Answers 2 32 11 15 1 39 9 26 5 Total Answers 3 11 11 0 9 30 11 9 8

1 1 for securities settlement systems. 2 1 for securities settlement systems.


299


Table VIII.5.4 How relevant are/have been each following elements as an enabling factor or an obstacle for

ensuring appropriate governance/supervision/oversight

Roles of the central bank Roles of other authorities

Roles of private-sector groups/SROs/individual

institutions/other “stakeholders”

.

Enabler Obstacle Enabler Obstacle Enabler Obstacle Afghanistan Albania 1 2 3 Algeria 1 1 1 Angola 1 3 2 Argentina 1 2 Armenia 1 3 Australia 1 1 3 Austria 1 1 1 Azerbaijan 1 2 3 Bahamas 1 3 3 BCEAO 1 1 2 2 2 2 Belarus 1 3 3 3 2 3 Belgium 1 3 3 Belize 1 2 Bhutan 1 3 1 3 2 2 Bolivia 1 2 3 Bosnia - Herzegovina Botswana 1 1 1 Brazil 1 1 2 Bulgaria 1 1 2 2 1 1 Cambodia 1 Canada 1 3 2 2 1 2 Cape Verde 1 1 1 Chile 1 1 1 China 1 2 3 Colombia 1 2 2 Costa Rica 3 3 3 Croatia 1 2 3 Cyprus 1 3 Czech Republic DR of Congo 1 3 3 Denmark 2 2 3 Dominican Republic 1 2 1 ECCB 1 1 2 Egypt 2 2 1 El Salvador 1 1 3 Estonia 1 3 2 Fiji 1 3 1 2 1 2 Finland 1 3 1 2 1 2 France x X Georgia 1 3 3 Germany 1 1 1


300




.

Enabler Obstacle Enabler Obstacle Enabler Obstacle Ghana 1 1 3 Greece 1 3 2 Guatemala 1 2 3 Guyana 1 3 3 Honduras 1 3 1 3 1 2 Hong Kong 1 3 Hungary 1 2 1 1 Iceland India 1 3 3 Indonesia 1 2 2 Iran 1 Ireland 1 2 1 Israel 1 3 2 Italy 1 1 3 2 2 3 Jamaica 1 1 2 Japan 1 1 2 Jordan 2 3 3 Kazakhstan 1 2 2 Kenya 1 1 1 Kuwait 3 1 Kyrgyz Republic 1 3 3 Latvia 1 3 3 Lebanon 1 Lesotho 1 2 3 Lithuania 1 3 3 Luxembourg 1 1 2 Macao 1 1 3 Macedonia 1 3 2 Madagascar 1 2 2 Malaysia 1 1 1 Malta 1 2 3 Mauritius 1 3 1 3 2 2 Mexico 1 2 3 Moldova 1 1 1 Mongolia 2 2 3 Morocco Mozambique 1 3 2 Myanmar 1 2 3 Namibia 1 3 1 3 1 3 Nepal 1 2 3 Netherlands 1 1 1 1 1 1 Netherlands Antilles 1 3 3 1 3 New Zealand 3 3 3 Nicaragua 1 3 1 3 1 3 Norway 1 1 1 Oman 1 2 3 Pakistan 1 3 3


301




.

Enabler Obstacle Enabler Obstacle Enabler Obstacle Paraguay 2 1 1 Peru Philippines 1 1 2 Poland 1 3 3 Portugal 1 2 1 Qatar 1 3 1 2 2 Romania 1 1 1 Russia 1 2 1 Rwanda 1 1 1 San Marino 1 3 3 Saudi Arabia 1 3 3 Serbia 1 1 2 Singapore 1 3 2 Slovak Republic Slovenia 1 3 3 Solomon Islands 1 1 1 1 South Africa 1 2 2 Spain Sri Lanka 1 1 2 Sudan 1 3 2 Swaziland 2 2 2 2 2 2 Sweden 1 2 3 Switzerland 4 1 1 2 2 1 1 Taiwan 1 1 2 Tajikistan 1 2 Tanzania 1 2 2 Thailand 1 2 2 Trinidad and Tobago 1 3 2 Turkey 1 2 1 Uganda 1 2 2 Ukraine 1 2 3 United Arab Emirates 1 United Kingdom 1 USA 1 2 2 2 Uruguay 1 3 3 Venezuela x X Yemen 1 1 3 Zambia 1 1 1 Zimbabwe 1 1 2 Total Answers 1 109 4 37 3 31 7 Total Answers 2 6 1 36 10 33 12 Total Answers 3 3 9 28 12 37 8

1 1 for securities settlement systems. 2 1 for securities settlement systems. 3 1 for securities settlement systems. 4 Read the left number as enabler for the new Securities law and the right number as enabler for the Merger of


APPENDIX Country-by-Country...

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